Overview
- The CFTC published a 22‑page request for comment on June 22 asking whether standard futures can trade 24/7 and whether perpetual, no‑expiry contracts can reference physically delivered or storable energy commodities.
- The RFC lists about 67 detailed questions that focus on how funding‑rate mechanics would work when cash reference markets are closed, who would handle weekend margin calls given Fedwire downtime, and whether weekend price moves could affect benchmarks.
- The agency framed the inquiry as a call for data‑driven input and explicitly cited the April 2020 WTI negative‑price episode as a stress case for assessing perpetual contract risk.
- The review follows the CFTC’s May approvals that allowed regulated bitcoin perpetuals to move onshore and comes while industry incumbents, including CME Group, are challenging the regulator’s treatment of perpetuals in court.
- If implemented, 24/7 energy trading or energy perps would require round‑the‑clock trading systems, new margin and settlement solutions such as tokenized collateral or stablecoins, and could change how commercial hedgers and brokers manage risk; the RFC comment period will run for 30 days after Federal Register publication.