CME · News · 20261103N

CFTC Perpetual Futures Litigation

CME GROUP INC. · 2026-11-03 · Importance 31 · Surprise 42

The Capital Markets Alliance, which includes Cboe Global Markets and Citadel Securities, sued the CFTC over its approval of perpetual futures tied to individual stocks. The challenge argues that the contracts are securities-based swaps subject to SEC authority and that the CFTC violated the Administrative Procedure Act; Cboe and the Alliance also seek injunctive relief. The dispute adds regulatory uncertainty to the treatment of perpetual derivatives and echoes CME Group’s earlier challenge concerning crypto perpetuals.

Key facts

• CME Group previously challenged crypto perpetuals, according to a news item describing the Capital Markets Alliance lawsuit as echoing that challenge. source