The CFTC Approved Stock Perps by Silence. A Judge Says It Probably Lacked Authority.
Stock perpetual futures are live on US-regulated exchanges, but the first federal judge to examine their approval says the CFTC probably lacked authority to allow them. Trading has not been halted: Judge Valerie Caproni denied emergency relief while questioning the legal foundation of the products. That distinction matters before the next deadline. The CFTC must oppose a separate preliminary-injunction motion by November 6; the court has not granted that injunction or issued a final judgment. ...