The world's largest markets for perpetual contracts grew offshore because U.S. regulators hadn’t answered a basic question: are they futures or swaps?
The CFTC began answering that question in May, allowing the first perpetuals to list on a U.S. exchange as futures contracts. Today, we asked both the
@SECGov and
@CFTC to confirm that equity perpetuals can be listed as security futures. That confirmation would provide the clarity necessary to bring these products onshore.