Three exchanges file distinct single-stock futures frameworks
On 18 September, the SEC published KalshiEX's rules for perpetual single-stock futures cleared at Kalshi Klear, Bitnomial's generic cash-settled security-futures standards and customer-margin rules, and Coinbase Derivatives' cash-settled single-stock and ETF futures framework, including perpetuals. The filings are separate proposals, linked by the same security-futures regulatory perimeter. Coinbase says CFTC approval is still pending; Bitnomial requires CFTC rule and separate product approvals; Kalshi specifies a 2 November or later CFTC-dependent effective date.
Why it matters
Three simultaneous filings make security futures a competitive market-structure question rather than a single-venue experiment. Contract funding, margin, corporate actions, market halts, surveillance, broker-dealer/FCM status and DCO default resources must work together before this can become usable institutional exposure. Filing and SEC publication are not launch approvals.
Likely business impact
Map the three venue–clearing chains separately. Test client eligibility, 15.25% customer-margin floor where specified by Bitnomial, funding cash flows, equity/ETF reference data, corporate-action treatment, hedging against cash equities and options, surveillance and clearing-member capacity. Defer access or pricing commitments until CFTC decisions, product approvals, operational notices and first cleared trades are evidenced.
What to watch
- CFTC rule and product decisions for each venue
- SEC comment windows measured from Federal Register publication; no calendar date inferred
- Clearing-house margin, segregation, default management and member admission
- First listed contracts, client access, liquidity and cleared transactions