Cboe Joins Capital Markets Alliance Challenge to CFTC Approval of Single-Stock Perpetual Derivatives

Cboe Joins Capital Markets Alliance Challenge to CFTC Approval of Single-Stock Perpetual Derivatives

PR Newswire

CHICAGO, Nov. 3, 2026

CHICAGO, Nov. 3, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today issued the following statement in support of legal action filed by the Capital Markets Alliance (CMA) challenging the CFTC's approval of perpetual derivatives on U.S. stocks and ETFs. The CMA includes Cboe, Citadel Securities and Healthy Markets Association:

"Cboe has joined this action alongside some of the largest U.S. market participants and investor advocates because we believe the CFTC's actions threaten to erode the regulatory framework that has protected investors and governed U.S. securities markets for more than nine decades," said Craig Donohue, CEO of Cboe Global Markets.

"Single-stock perpetual derivatives are the latest example of a troubling trend in which securities products are being offered on CFTC platforms – outside the appropriate regulatory framework and customer protection regime established by Congress. Whether tied to individual issuers, broad-based security indices, corporate events, or other securities-related outcomes, these securities products belong on registered securities platforms and should be subject to the investor protections, oversight, and safeguards required under U.S. securities laws. Cboe and others, including legislators, have raised concerns with these developments through public comments and industry forums, to no avail.

"Cboe is no stranger to competition. For more than 50 years, Cboe has competed successfully in some of the world's most competitive markets and we welcome new entrants and innovation. If this were simply a commercial issue, Cboe could bring these products to market on CFTC regulated trading and clearing platforms that it operates. We support the mission and purpose of the CFTC to oversee the products that Congress has placed under its authority.

"This issue, however, is about investor protection for securities trading and the rule of law. Investors deserve the specific protections Congress established for securities markets, and regulators have a responsibility to enforce the framework Congress created. When securities products are permitted to trade outside that framework, it creates regulatory arbitrage, bypasses both federal and state laws, and undermines the integrity of those markets.

"The CFTC has authorized a multitude of filings for securities-related products that break with decades of precedent and its own prior determinations, without providing a clear public explanation of the legal basis for doing so. Through this action and our request for injunctive relief, we look forward to resolving the uncertainty created by these actions and preserving the laws and principles that have made U.S. capital markets the strongest and most trusted in the world."

About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

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Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners. 

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SOURCE Cboe Global Markets, Inc.