The CFTC Extends Perpetual Futures to Single Stocks — and an Incumbent Coalition Sues Within Hours

CFTC Chairman Mike Selig announced a policy extending perpetual futures to single stocks on US markets; no exchanges or start dates were named, and one outlet puts retail leverage at up to 6.7x. The same day, the newly formed Capital Markets Alliance — members include Cboe, Citadel Securities and Healthy Markets Association — sued in the Southern District of New York, arguing the products are security-based swaps under SEC jurisdiction and that the CFTC violated the Administrative Procedure Act.