Coinbase Derivatives plans to launch single-stock and ETF perpetual futures, pending CFTC approval

PANews reported on September 20 that, according to SEC filings, Coinbase Derivatives has submitted a rule change to establish a trading framework for cash-settled single-stock and ETF share futures, including single-stock perpetual futures with no fixed expiration date. These contracts are cash-settled and do not deliver or grant investors ownership of the underlying securities. Coinbase Derivatives also submitted an application to the CFTC on the same day, but the CFTC has not yet approved it, so the relevant rule change has not yet taken effect. The proposed rules require the underlying security to have a market capitalization of at least $100 billion at initial listing, an average daily trading volume of at least $450 million over the past six months, and an estimated deliverable float of more than 20 million shares; the minimum customer margin is proposed to be no less than 15% of the current market value of the security futures.