Source: cryptoslate
Translation: Blockchain Knight
CBOE Global Markets announced plans to launch Bitcoin and Ethereum perpetual futures contracts on November 10, pending regulatory review.
According to an announcement on September 9, this new product set will be launched on the CBOE Futures Exchange, with contracts designed as a single long-term instrument, valid for up to 10 years.
This design eliminates the traditional futures contract's hallmark "periodic roll requirement," simplifying the position management process for traders seeking long-term exposure to digital assets.
The perpetual futures will be cash-settled and will undergo daily cash adjustments through a "transparent funding rate mechanism," ensuring that prices remain aligned with real-time spot market prices.
CBOE Clear US, a derivatives clearing organization regulated by the Commodity Futures Trading Commission (CFTC), will provide clearing services for these contracts within the exchange's regulated framework.
Catherine Clay, CBOE's Global Head of Derivatives, stated that the launched product will introduce the widely recognized "perpetual instrument characteristics" from offshore markets to the U.S. market for domestic traders.
She noted that the product targets three groups: institutional participants, existing customers of the Cboe Futures Exchange (CFE), and retail traders looking to engage in cryptocurrency derivatives trading.
At the time of this announcement, regulatory collaboration between the SEC and CFTC is gradually strengthening, with both agencies set to hold a joint roundtable on September 29 to advance coordination on digital asset regulation.
In a statement on September 5, the two agencies acknowledged that "fragmented regulation" not only stifles innovation but also drives cryptocurrency-related activities to overseas markets.
SEC Chairman Paul Atkins and CFTC Acting Chair Caroline Pham emphasized that the uncertainty caused by insufficient regulatory collaboration hinders economic activities, even for "legitimate compliant products."
Regulators clearly stated that regulatory coordination could lower market entry barriers, enhance efficiency, and solidify the U.S.'s leading position in financial markets.
The joint roundtable on September 29 will explore specific measures on "how to align the U.S. market with the global economy," including extending trading hours, establishing a regulatory framework for perpetual contracts, and coordinating portfolio margin systems.
Additionally, the two agencies plan to review policies related to "DeFi project safe harbor exemptions" while maintaining investor protection standards.
CBOE's launch of perpetual futures is an important step in expanding the CFE product matrix, which currently includes VIX futures, stock volatility-based products, cryptocurrency-related products, and global fixed income products.
The introduction of this new product marks the gradual return of "compliant perpetual swap trading" to the U.S. domestic market, which had previously been concentrated on offshore platforms.
To help market participants prepare, the CBOE Options Institute will hold "Perpetual Futures Public Education Courses" on October 30 and November 20 to explain knowledge related to the new products.
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