The U.S. Commodity Futures Trading Commission has granted conditional no-action relief allowing eligible U.S. exchanges to offer certain futures contracts without expiration dates, effectively opening a path for perpetual-style products tied to security indexes. Perpetual products are already widely used in crypto and global derivatives markets. The agency issued the relief on Oct. 3 and announced it two days later.
The relief followed a request from Coinbase Derivatives on Oct. 1 seeking a waiver of the standard 10-business-day waiting period. Under the CFTC's conditions, other designated contract markets can also use the relief if they meet the agency's requirements. Before removing an expiration date, exchanges must consult traders with open positions and provide at least five days’ notice.
The action addresses the conversion of existing perpetual-style broad-based security index futures into true perpetual futures, providing additional regulatory clarity for designated contract markets. The CFTC emphasized its ongoing role in shaping the crypto regulatory landscape, while the effective date for the changes has not yet been specified. Market participants are watching how exchanges adapt to the new guidelines while remaining compliant and competitive.
