CFTC Hands Wall Street a Fast-Track Pass for Stock Futures
Published Date: 7/21/2026
Rule
Summary
The Commodity Futures Trading Commission (CFTC) is giving the Chicago Mercantile Exchange (CME) a special pass to list cash-settled futures on individual stocks without following the usual opening price rules. This change helps CME launch these new products faster, starting July 16, 2026, and could shake up how traders buy and sell stock futures. Investors and traders using CME’s platform will see these new options soon, backed by stronger listing rules approved by both the CFTC and SEC.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
CME Allowed Closing‑Price Settlements
Starting July 16, 2026, the CFTC exempted CME from the rule requiring opening‑price settlement and allowed CME to list cash‑settled futures on individual stocks that settle using the underlying security's closing price. This exemption is conditioned on CME's adherence to required listing, position‑limit, and data‑reporting conditions.
High Thresholds Limit Eligible Stocks
CME must limit these cash‑settled single‑stock futures to underlying securities that meet strict listing thresholds: over 20 million shares estimated deliverable supply, at least $100 billion outstanding market capitalization initially, and minimum ADVT of $450 million over the prior six months (or $1 billion over the prior month if trading under six months). Maintenance standards require at least $50 billion market capitalization and ADVT of at least $200 million over the prior quarter (or $1 billion for shorter trading history).
Position Limits and Short Listing Window
CME set initial position limits at 200,000 contracts (in the context of 100‑share contracts) and requires adjusted limits no greater than the equivalent of 12.5% of estimated deliverable supply for securities above 20 million shares, or no greater than 25,000 contracts for securities at or below 20 million shares, effective during the last three trading days of an expiring contract month. CME also must limit listed contract maturities to no longer than 9 months to expiration.
Transparency Data and 18‑Month Study Requirement
CME must publish machine‑readable data for 18 months, including daily aggregate long/short positions by participant or clearing account type, and provide every six months (from initial listing) reports on settlement‑related prices and trading patterns (e.g., settlement Friday close, next trading day's open, and specific 15‑minute price windows). CME must also deliver a public report to the Commissions within 18 months analyzing effects on underlying stock markets, including price points at 3:30 p.m., 3:45 p.m., the close, and next open and discussion of price reversals.
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Key Dates
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