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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A Proposed Rule by the Commodity Futures Trading Commission on 06/25/2026 This document has a comment period that ends in 32 days. (07/27/2026) View Comment Instructions Thank you for taking the time to create a comment. Your input is important. Once you have filled in the required fields below you can preview and/or submit your comment to the Commodity Futures Trading Commission for review. All comments are considered public and will be posted online once the Commodity Futures Trading Commission has reviewed them. You can view alternative ways to comment or you may also comment via Regulations.gov at /documents/2026/06/25/2026-12784/request-for-comment-on-the-extension-of-standard-futures-contracts-to-247-trading-and-on-perpetual . This document has been published in the Federal Register . Use the PDF linked in the document sidebar for the official electronic format. Document Details Published Content - Document Details Agency Commodity Futures Trading Commission CFR 17 CFR 1 Document Citation 91 FR 38334 Document Number 2026-12784 Document Type Proposed Rule Pages 38334-38339 (6 pages) Publication Date 06/25/2026 RIN 3038-AF75 Published Content - Document Details PDF Official Content View printed version (PDF) Document Dates Published Content - Document Dates Comments Close 07/27/2026 Dates Text Comments must be received on or before July 27, 2026. Published Content - Document Dates Table of Contents Enhanced Content - Table of Contents This table of contents is a navigational tool, processed from the headings within the legal text of Federal Register documents. This repetition of headings to form internal navigation links has no substantive legal effect. AGENCY: B. Perpetual Contracts and the Commission's Recent Actions Part 1—24/7 Trading of Standard Futures A. Extension of 24/7 Trading to Standard Futures B. Off-Hours Settlement and Payment Infrastructure C. Effects of 24/7 Pricing on Related Markets, Contracts, and Benchmarks D. Use Cases, Commercial Demand, and Threshold Considerations E. Effects on the Underlying and Related Markets, Commercial Hedgers, and the Public Interest F. Reference Price and Continuous Observability G. Convergence, the Funding Mechanism, and Cost of Carry H. Physical Delivery, Storage Constraints, and Market Stress I. Susceptibility to Manipulation, Surveillance, and the Compliance Demonstration K. Clearing, Margin, and Default Management L. Customer Protection, Leverage, and Access M. Cross-Asset Criteria, Line-Drawing, and Miscellaneous Appendix To 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—Commission Voting Summary Public Comments Enhanced Content - Public Comments Comments are being accepted - View Comment Instructions . 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The Commodity Futures Trading Commission (Commission or CFTC) is requesting public comment on two distinct but related matters arising from recent developments in energy derivatives markets. The first is the extension of standard futures contracts to 24/7 trading, without any change to the contracts' fixed expiration, delivery, or settlement terms. The second is the listing of perpetual contracts that reference physically delivered or storable energy commodities, such as crude oil. The Commission seeks comment on the implications of each matter for the reliability and manipulation-resistance of reference prices, market surveillance and operational readiness, the federal speculative position-limits regime, margin, clearing, and settlement, customer protection, and effects on the underlying physical markets and the commercial participants that rely on them. Comments must be received on or before July 27, 2026. You may submit comments, specifically referencing “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” and RIN 3038-AF75, by any of the following methods: Regulations.gov: Go to https://www.regulations.gov and press the “Search” button, then proceed as follows: 1. Under Refine Documents Results—check the box to “Only show documents open for comment”; 2. Under Agency—select “See More” and check the box for “Commodity Futures Trading Commission,” then press the Apply button; 3. Identify this proposal in the list of CFTC documents open for comment, press the “Comment” button to open the submission form, and follow the instructions on the form. Alternatively, if you are viewing this proposal on www.federalregister.gov , click the “Submit A Public Comment” button at the top of the page to open the comment form. Follow the instructions on the form to submit your comment to Regulations.gov . Mail: Send to—Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. Hand Delivery/Courier: Address to—CFTC Comment Submission, Attn: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. Please submit your comments using only one of these methods. To avoid possible delays with mail or in-person deliveries, submissions through Regulations.gov are encouraged. All comments must be submitted in English or, if not, accompanied by an English translation. Do not include in your comment text or attachments any personal identifying information or business information that you do not want published online. Comments (regardless of submission method) will be published without review for, and without removal of, any personal identifying information or information your business may consider confidential. If you wish to submit confidential information for the Commission's consideration, please contact the CFTC personnel listed in this document under FOR FURTHER INFORMATION CONTACT before making any submission. Please also carefully review the Commission's procedures in 17 CFR 145.9 for requesting confidential treatment under the Freedom of Information Act (FOIA) of information submitted to the Commission. The CFTC reserves the right, but shall have no obligation, to review, pre-screen, filter, or redact all or any part of your comment submission. The CFTC also reserves the right, without further notification, to refuse to publish or to remove from public view all or any part of your submission to the extent it contains content inappropriate for publication in a comment file, such as—without limitation—obscene language, threats of violence, solicitations for commercial sales or illegal activity, or obvious spam. If a submission that is refused for or withdrawn from publication because of inappropriate content also contains comments on the merits of this proposal, such submission will be retained in the record for the matter and will be considered as required under the Administrative Procedure Act and other applicable laws and may be accessible under the FOIA. Stephen Andrews, Deputy General Counsel for Regulation, 202-308-7563, rulemaking@cftc.gov , Office of the General Counsel, Commodity Futures Trading Commission, Three Lafayette Centre, 1151 21st Street NW, Washington, DC 20581. The CFTC requests comment on two distinct but related matters arising from ( printed page 38335) recent developments in the trading of energy derivatives. The first concerns the extension of standard futures contracts to 24/7 trading. The second concerns perpetual contracts, which have no fixed expiration and rely on a periodic funding rate mechanism that is designed to maintain relative price parity with the underlying asset's spot price, when such contracts reference physically delivered or storable energy commodities such as crude oil. This request builds on the Commission's prior solicitations concerning the trading and clearing of perpetual-style derivatives and the trading and clearing of derivatives on a 24/7 basis. The Commission is aware that registered entities have announced the extension of trading in certain energy futures to a continuous basis. A standard futures contract—one with a fixed expiration and, in many cases, physical delivery—may be listed for trading on a 24/7 basis without any change to its expiration, delivery, or settlement terms. The Commission previously sought comment on 24/7 trading and seeks further comment on the issue. [ 1 ] 24/7 trading of standard futures contracts raises questions concerning the liquidity, reliability, and susceptibility to manipulation of prices formed during overnight, weekend, and holiday periods; the impact that prices formed during extended weekend or holiday trading hours may have on benchmark prices that affect commercial agreements, ETFs, and other derivatives; the surveillance and operational arrangements necessary to monitor trading at all hours; and the settlement and payment arrangements available when traditional payment systems do not operate. The Commission seeks comment on these questions and on whether, and under what conditions, 24/7 trading of standard futures contracts is consistent with the Act and the Core Principles applicable to designated contract markets. Perpetual contracts are derivative contracts that have no fixed expiration date and rely on a periodic funding rate mechanism that is designed to maintain relative price parity with the underlying asset's spot price. On May 29, 2026, the Commission issued an order permitting a DCM to list, as a futures contract, a perpetual contract referencing the spot price of bitcoin (the “Order”) and contemporaneously issued the Policy Statement Concerning the Listing of Perpetual Contracts, 91 FR 33160 (June 3, 2026) (the “Policy Statement”). The Order's analysis was expressly limited to that contract and to similarly structured perpetual contracts referencing digital commodities with deep, active, and continuous spot-market trading, and rested in substantial part on characteristics of the bitcoin spot market—its continuous, broadly distributed, transaction-based trading and the resulting continuous observability of a reference price. The Policy Statement stated that perpetual contracts referencing asset classes not contemplated by the Order—including, among others, agricultural and energy products—would be evaluated on their own terms, with each asset class raising distinct considerations meriting independent analysis. The core principles applicable to DCMs govern which contracts a DCM may list. Core Principle 3 provides that a DCM shall list for trading only contracts that are not readily susceptible to manipulation. [ 2 ] The guidance in Appendix C to part 38 elaborates on that standard: for a cash-settled contract, it addresses whether the settlement price is reliable, acceptable, publicly available, and disseminated on a timely basis, and is computed from a cash market that is sufficiently liquid and not itself readily susceptible to manipulation; for a physically-delivered contract, it addresses the adequacy of deliverable supply and the contract's susceptibility to squeezes, corners, and congestion. [ 3 ] Core Principle 4 requires a DCM to monitor trading in its contracts and in the underlying commodity and its derivatives, and to maintain the capacity to prevent manipulation, price distortion, and disruptions of the delivery or cash-settlement process. [ 4 ] Core Principle 5 addresses position limitations or accountability for contracts subject to such requirements;  [ 5 ] the federal speculative position limits in part 150, adopted under section 4a of the Act, [ 6 ] apply to enumerated core referenced futures contracts, including NYMEX West Texas Intermediate crude oil. The Commission invites comments on all aspects of the continuous trading and perpetuals in the energy markets. Commenters are encouraged to support their responses with data, empirical analysis, transaction-or market-level statistics, and supporting documents rather than with conclusory assertions; comments supported by verifiable data would be useful in the Commission's analysis. Where a commenter believes a consideration identified below can be addressed, the Commission requests a specific description of how, including any contract terms or safeguards necessary to do so; where a commenter believes a consideration cannot be addressed, the Commission requests the factual basis for that view. The numbering used below is for ease of reference only; commenters need not address every question. 1. Does extending the trading hours of a standard futures contract to a 24/7 basis, without otherwise altering its fixed expiration or settlement, materially change the availability or reliability of the prices it forms during overnight, weekend, and holiday periods? What data supports the response? 2. What volume, open-interest, and participant-composition data characterize the overnight and weekend sessions of standard energy futures contracts, and how does price behavior in those sessions compare to core-hours trading? Is liquidity in those sessions sufficient that a price derived from them is reliable and not readily susceptible to manipulation? What data or empirical evidence is there that sufficient natural liquidity exists during weekend trading periods to support orderly markets and efficient price formation? 3. The cash market for crude oil and other energy commodities is generally assessed during defined windows, rather than traded 24/7. Where a standard futures contract trades 24/7, but the underlying physical market does not, what are the reliability and manipulation implications of a futures price observed during periods in which no contemporaneous physical trading occurs, and to what extent could such off-hours prices be characterized as not fully or accurately representing dynamics in the physical underlying? 4. What is the expected impact that weekend price formation will have on leveraged market participants, including ( printed page 38336) the potential for additional variation margin obligations, collateral demands, forced liquidations, and liquidity pressures arising from price movement occurring outside the traditional trading week? 5. How would institutional investors need to adapt to manage weekend price formation when existing risk management, governance, compliance and oversight frameworks may assume that significant weekend events result in opening price gaps rather than continuous benchmark price movements capable of triggering contractual, regulatory, investment, or risk management provisions? What would be the expected cost of this adaptation, if any? 6. How should a DCM be prepared to address potential disruptions or malicious trading during weekend and holiday trading? What requirements should be imposed on their weekend and holiday control infrastructure? Are there any expected gaps or differences in coverage or staffing on weekdays compared to weekends? Contracts that trade 24/7 do so at times when traditional fiat payment systems, including Fedwire and CHIPS, do not operate. The following questions concern settlement and payment-infrastructure considerations specific to 24/7 trading.

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