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CFTC Allows Conversion of Perpetual Digital Commodity Futures to True Perpetual Futures
The CFTC has issued a no-action relief allowing designated contract markets to convert existing perpetual-style digital commodity futures into true perpetual futures by removing expiration dates, under certain conditions.
The Commodity Futures Trading Commission's Division of Market Oversight announced it has granted no-action relief to designated contract markets (DCMs). This relief permits DCMs to modify their existing digital commodity futures contracts, which currently have expiration dates, into true perpetual futures contracts. This change involves removing the expiration date and implementing amendments that meet specific customer protection and procedural requirements.
To qualify, DCMs must solicit feedback from market participants with open positions, provide advance notice and an opportunity to exit those positions, disclose risks appropriately, and ensure that no other material contract terms are altered. These amendments must be filed with the CFTC and certified as compliant with all conditions. The no-action relief is valid until June 30, 2026.
This move follows recent clarifications by the CFTC regarding the regulatory treatment of perpetual futures referencing digital commodities like bitcoin, which are actively traded in spot markets. The regulation aims to facilitate more flexible trading options for market participants while maintaining oversight and protections.
The likely impact of this regulation is that digital commodity futures markets could see increased flexibility and potentially more trading activity, as contracts become more aligned with traditional perpetual futures. It may also influence how exchanges structure their products and manage risk disclosures.
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