# 2026-19409: Kalshi Launches Immortal Stock Futures Without End Dates

2026-19409, Self-Regulatory Organizations; KalshiEX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Listing Standards for Security Futures Products, is a Federal Register notice from Securities and Exchange Commission published 2026-09-23, effective 2026-09-18; PRIA reads it as touching household money (as of 2026-09-30).

- Canonical: https://policyrisk.com/federal-register/2026-19409
- As of: 2026-09-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19409
- Title: Self-Regulatory Organizations; KalshiEX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Listing Standards for Security Futures Products
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 60467
- Published: 2026-09-23
- Effective: 2026-09-18
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-30

## In one line

Kalshi Launches Immortal Stock Futures Without End Dates

## Summary

KalshiEX is rolling out new rules to list special security futures called Perpetual SFPs, which don’t expire and track stock prices. Traders holding these contracts will swap payments based on price differences, keeping things fair and balanced. This change kicks in right away but still needs approval from the Commodity Futures Trading Commission, affecting anyone trading these cool new contracts.

## Effects PRIA read

- New Perpetual Security Futures Introduced: mixed, medium. You can trade new Perpetual Security Futures Products (Perpetual SFPs) that have no pre-specified expiration date and that track the price of an underlying equity security. Holders of long and short positions will exchange periodic "funding payments" based on price differences, and positions are ex…
- Strict Eligibility: Very Large Stocks Only: cost, medium. A stock can underlie a Perpetual SFP only if it meets strict thresholds: an initial market capitalization of at least $100,000,000,000, a maintenance market capitalization of at least $50,000,000,000, an initial average daily trading value (ADTV) of at least $450,000,000 over six months (or $1,000,…
- Categories of Securities Excluded from Use: cost, low. Certain types of securities cannot serve as the underlying for a Perpetual SFP: issuers in bankruptcy or insolvency, securities subject to a trading halt or suspension (including within the prior 10 trading days), blank-check companies or SPACs that haven't completed a qualifying de-SPAC, securitie…
- Delisting Rules and Forced Final Settlement: cost, medium. If an Underlying Security fails maintenance standards, the Exchange gives a 90-calendar-day cure period; failure to cure leads to delisting. Certain events (e.g., issuer bankruptcy, delisting from primary exchange, SEC trading suspension, completion of a corporate action, or sanctions) trigger imme…
- Exchange Will Require Higher Margins Than 15%: cost, medium. The Exchange will adopt Perpetual SFP Margin Rules that set 'higher margin levels' than the statutory 15% minimum initial and maintenance margin for security futures. In other words, margin requirements for Perpetual SFPs will be above the 15% baseline set in the Customer Margin Rules.
- Central Clearing Through Kalshi Klear: benefit, low. All Perpetual SFP transactions on the Exchange will be cleared by Kalshi Klear LLC, a Commodity Futures Trading Commission-registered derivatives clearing organization, meaning each party's obligations will be guaranteed via novation to the clearinghouse and subject to margin requirements set by Kl…

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## Sources
- [2026-19409 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/23/2026-19409/self-regulatory-organizations-kalshiex-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2026-19409 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-23/pdf/2026-19409.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2026-19409 (as of 2026-09-30).