On 21 April 2025, the United States Commodity Futures Trading Commission (US CFTC) issued a formal Request for Comment (RFC) to gather public input on the potential transition to 24/7 trading and clearing in derivatives markets under its jurisdiction. The move reflects a growing industry shift toward round-the-clock market access, particularly relevant for crypto-derivatives and digital asset-linked contracts.
Spearheaded by the US CFTC’s Divisions of Market Oversight, Clearing and Risk, and Market Participants, the consultation seeks views on the operational, liquidity, and systemic risks of continuous trading, alongside the adequacy of current risk controls, margining practices, and market surveillance under such conditions. Concerns raised in the RFC include real-time margin adequacy on weekends, systems resilience without routine maintenance downtime, collateral sourcing during non-banking hours, and surveillance readiness against abusive or manipulative practices outside standard hours.
The US CFTC invites market participants, clearing organisations, trading platforms, and the public to submit comments by 21 May 2025, either electronically through the US CFTC’s official comment portal or by mail.
As digital asset markets operate non-stop globally, the outcome of this consultation could influence whether and how regulated crypto-derivatives enter a compliant 24/7 trading environment within the United States framework.
Acting Chairman Caroline D. Pham stated: “As I have long said, the CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants, one evolving trend is the move to 24/7, 24/6, or 24/5 trading hours. I look forward to the public comments on this market innovation.”
(Source: https://www.cftc.gov/PressRoom/PressReleases/9068-25)
