WASHINGTON, May 29, 2026 — Staff of the Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division issued an advisory outlining regulatory expectations for designated contract markets, swap execution facilities, derivatives clearing organizations, and futures commission merchants seeking to extend trading and clearing operations to a 24-hour-a-day, seven-day-a-week basis.
The advisory said growing interest in continuous trading has been driven in part by developments in blockchain networks, decentralized infrastructure, alternative forms of collateral such as stablecoins and crypto assets, and expanded market access through mobile technologies. Commission staff said an increasing number of platforms are providing round-the-clock access to both retail and institutional participants.
Crypto derivatives highlighted as potential fit for 24/7 markets
According to the advisory, derivatives referencing crypto assets may be well-suited for 24/7 trading because of their digital infrastructure and global reach. Staff noted, however, that other markets, including agricultural derivatives, may be less suited to continuous trading due to their customer bases, regional characteristics, and specialized hedging practices.
The advisory states that market operators should consider the characteristics of underlying markets, contract design, trading activity, clearing arrangements, and risk-management implications before transitioning products to continuous trading and settlement models.
Advisory outlines expectations for trading venues
The document says exchanges and trading venues operating on a 24/7 basis must maintain effective real-time monitoring, market surveillance, compliance coverage, and risk controls designed to address potential market disruptions. Staff also highlighted concerns that continuous trading environments could experience reduced liquidity, increased volatility, wider bid-ask spreads, and heightened risks of market manipulation during certain periods.
The advisory further emphasizes system safeguards, including operational resilience, cybersecurity protections, business continuity planning, disaster recovery capabilities, and technology infrastructure capable of supporting uninterrupted market operations.
Clearing and collateral considerations
For derivatives clearing organizations, the advisory discusses the implications of continuous trading for margining, settlement, liquidity management, and collateral arrangements. Staff outlined several potential clearing models, ranging from maintaining traditional weekday collateral calls to systems that permit or require collateral transfers during weekends.
The document also notes that certain alternative collateral types, including stablecoins and other crypto assets, may present different operational characteristics than traditional forms of collateral and could require additional analysis of associated risks.
Staff said clearing organizations should evaluate how extended market hours affect stress testing, risk tolerances, participant behavior, financial resource requirements, and default-management procedures.
Futures commission merchants face additional risk management requirements
The advisory states that futures commission merchants facilitating 24/7 trading should assess the impact of continuous market activity on customer fund segregation, capital management, operational capabilities, staffing, and customer disclosures.
Staff also highlighted risks associated with auto-liquidation processes during periods when customers may have limited ability to transfer additional margin, particularly during weekends and non-banking hours. Firms were advised to ensure that customers receive appropriate disclosures regarding the risks associated with extended trading hours.
Guidance does not create new regulatory obligations
The advisory does not create new regulatory requirements and does not amend existing Commission rules. Instead, staff said the document is intended to clarify how existing Commodity Exchange Act provisions and CFTC regulations apply to proposed 24/7 trading and clearing models.
Commission staff recommended that exchanges, clearing organizations, and intermediaries considering continuous trading or clearing operations engage with the agency before implementation.
Why it matters
The advisory outlines CFTC staff’s current views on regulatory considerations surrounding continuous trading, clearing, and settlement operations. The document explicitly identifies crypto-asset derivatives as a market segment that may be particularly compatible with 24/7 trading because of their digital infrastructure and global reach, highlighting the role digital-asset markets may play in the evolution of continuous-market infrastructure.
