By Vicky Ge Huang

Exchange company stocks sold off Tuesday after the Commodity Futures Trading Commission last week laid out a framework for registered U.S. platforms to launch perpetual futures.

Shares of CBOE Global Markets fell 8.4%, while CME Group declined 2.8%. Nasdaq Inc. retreated 5.3%. Intercontinental Exchange, the parent company of the New York Stock Exchange, slipped 1.8%.

-- Perpetual futures are a type of derivative contract that never expires and allows traders to use massive leverage to amplify gains or be exposed to big losses. They trade 24/7, allowing traders to react to market events outside of standard trading hours. If widely adopted, perpetual futures could pose competition to exchange operators offering traditional stock and derivatives trading.

-- The CFTC also approved the listing of a bitcoin perpetual futures contract at prediction-markets platform Kalshi, and allowed Coinbase's U.S. customers to access its global perpetuals through an affiliate.

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June 02, 2026 16:45 ET (20:45 GMT)

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