The U.S. Commodity Futures Trading Commission (CFTC) announced it will invite comments on extending regulated derivatives trading to a 24‑hour, seven‑day model and on potentially approving perpetual futures contracts.
Acting Chair Caroline Pham said the agency’s Market Oversight, Clearing and Risk, and Market Participants divisions jointly issued the request for comment to gather views on benefits, risks, and practical considerations.
Regulators Seek Public Input on Nonstop Trading
The CFTC’s proposal asks market participants to weigh in on moving beyond current trading windows.
It specifically seeks feedback on how round‑the‑clock sessions might affect order books, clearing processes, and risk controls. The agency also wants opinions on how continuous trading could reshape liquidity and price discovery.
Examining Risks and Market Integrity
Alongside potential benefits, the CFTC is probing the downsides. It wants to know how 24/7 trading might impact market integrity and customer safeguards.
The request highlights concerns about supervising an always‑open market and ensuring retail investors remain protected. Clearinghouses and brokers would need robust systems to manage continuous margining and default risks.
Drawing from Crypto’s 24/7 Model
Crypto exchanges have operated nonstop for years, offering traders round‑the‑clock access to digital assets. High liquidity and real‑time price updates have become standard in that space.
The CFTC’s move signals a willingness to borrow from this model, aiming to modernise traditional derivatives markets and make them more accessible to global participants.
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Considering Perpetual Futures Contracts
Perpetual futures, popular in crypto markets, never expire and settle continuously. U.S. traders have had limited access to these products. The CFTC is now exploring whether to permit similar contracts under its oversight.
Major crypto platforms, including Coinbase, have expressed interest in offering perpetual‑style derivatives to American users.
Broader Market Trends
Demand for longer trading hours is already reshaping equities markets. The SEC recently approved nearly 24‑hour trading for 24 Exchange during weekdays, and Nasdaq plans to expand its trading window.
Retail brokers such as Robinhood have also rolled out extended‑hours services, reflecting a shift toward more flexible access.
Evolving Oversight of Digital Assets
The CFTC’s role in digital‑asset markets is set to grow under emerging policy changes. Recent adjustments aim to ease certain clearing and trading requirements, reflecting a more permissive stance toward crypto innovation.
By soliciting public feedback now, the agency hopes to design rules that balance innovation with stability.
By opening this public comment period, the CFTC is testing the waters for a major shift in U.S. derivatives trading. If the feedback supports broader hours and new contract types, traditional markets could soon mirror the nonstop nature of crypto exchanges.
The outcome will depend on industry input and the agency’s efforts to safeguard market participants in a 24/7 environment.
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