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CFTC Seeks Comment on 24/7 Trading and Energy Perpetual Contracts

“As registered entities extend trading hours and introduce new contract designs, a clear, data-driven record will help the Commission better understand these developments’ implications and impact in the market.”
Michael S. Selig, CFTC Chair
“As registered entities extend trading hours and introduce new contract designs, a clear, data-driven record will help the Commission better understand these developments’ implications and impact in the market.”
Michael S. Selig, CFTC Chair

The CFTC solicited comment on around-the-clock trading of standard futures and perpetual contracts tied to energy commodities.

In a request for comment published in the Federal Register, the CFTC said a standard futures contract could be listed 24/7 without changing its expiration, delivery, or settlement terms. The agency noted that some registered exchanges had announced continuous trading in some energy futures. The CFTC asked for comment on (i) the liquidity, reliability, and manipulation risk of prices formed overnight, on weekends, and on holidays; (ii) the effect on benchmark prices used in commercial contracts, ETFs, and other derivatives; (iii) surveillance at all hours; and (iv) settlement when traditional payment systems are closed.

On perpetual contracts (contracts that have no expiration and use a funding-rate mechanism to track an asset's spot price) the CFTC stated that its May Order permitting a bitcoin perpetual to list as futures (see previous coverage) was limited to digital commodities with "continuous spot-market trading" because they have a constantly observable reference price. The CFTC said it was treating energy perpetuals as a separate question from the bitcoin perpetual and asked commenters whether energy has the continuous, manipulation-resistant price infrastructure that justified the bitcoin approval, and to show real commercial demand rather than just speculative interest.

Comments are due on or before July 27, 2026.

Primary Sources

  1. 91 FR 38334: Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities

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Tags

Regulated Activities
Trading
Regulated Entities
Markets
Regulated Products
Futures / Security Futures Energy Products
Body of Law
CEA Regulation
Jurisdiction
US - Federal
Organization
CFTC, NFA, CFTC Markets
Sub-Author
CFTC