跟进：联邦法官认定商品期货交易委员会批准个股永续期货很可能越权 但拒绝叫停交易
美国纽约南区联邦地区法官 Valerie Caproni 11月3日在一项裁定中表示，起诉商品期货交易委员会（CFTC）的资本市场联盟「很可能在实体问题上胜诉」：该联盟主张，CFTC 没有法定权力批准面向散户投资者的个股永续衍生品合约。法官写道，这类永续合约「看起来符合互换（swap）的定义」，属于证券交易委员会（SEC）而非 CFTC 管辖的产品。
不过，Caproni 法官拒绝了联盟提出的临时禁令申请，理由是联盟尚未证明其成员面临「实际且迫在眉睫」的损害，Kalshi 的个股永续合约因此得以如期上线交易。法官同时认定，利弊权衡与公共利益都倾向联盟一方，称 CFTC 的做法「似乎对股票市场构成重大扰动」；她在裁定中写道，这类合约并不构成「单一证券的未来交割出售」，因此不能算 CFTC 拥有法定与监管权限的证券期货。
本案源于 CFTC 对个股永续期货的批准程序。Kalshi、Coinbase Derivatives 与 Bitnomial 三家交易所 9月18日提交申请，按 CFTC 规则，监管机构在 45 天内不采取行动，申请即被视为批准，期限于 11月2日届满。CFTC 主席 Michael Selig 11月3日发表声明确认，个股永续合约已按委员会第 40.3 条规则被视为批准、作为证券期货产品，受 CFTC 与 SEC 共同监管，称美国交易者不必再被迫转向离岸、往往不受监管的场所。GSM 11月3日已报道批准生效。
关联：商品期货交易委员会：个股永续期货今起可在受监管交易所开始交易
Kalshi 的合约已经开市。据 Gaming America 11月4日清晨的报道，截至美东时间 11月4日凌晨 5 时 30 分，Kalshi 的个股永续页面挂有 Qualcomm、McDonald's、Amgen 与 Costco 四只个股合约，最高杠杆均为 4.9 倍，四只合约合计 24 小时成交量约 785 万美元，其中 Qualcomm 一只约 385 万美元。其上市标准要求标的公司市值至少 1,000 亿美元、最低保证金为仓位价值的 15.5%（对应约 6.5 倍杠杆），交易时间为美东时间周日晚 6 时至周五下午 5 时，含美股休市的夜间时段。
各方反应分明。CFTC 发言人对路透社表示，这起诉讼「令人不安」，称「我们的市场应由法律治理，而不是由旨在阻碍创新的诉讼运动治理」。SEC 对路透社不予置评。原告联盟成员包括 Cboe 与 Citadel Securities 等机构，Cboe 首席执行官 Craig Donohue 在声明中表示，此事关乎证券交易的投资者保护与法治。
下一步时点已经排定：法院要求 CFTC 在 11月6日前就联盟的初步禁令请求作出答辩，联盟须在 11月10日前回复。若法院此后批准初步禁令，Kalshi 已上线的四只个股永续合约可能在开市数周内被叫停，该禁令同时会拦住 Coinbase Derivatives 与 Bitnomial 的批准生效。此外，SEC 对四家交易所提交的证券期货上市标准仍保留在生效后 60 天内径行废止、要求全面复审的权力。
（来源：纽约南区联邦地区法院）
Follow-Up: Judge Finds CFTC Likely Lacked Authority to Approve Stock Perpetuals but Lets Trading Continue
U.S. District Judge Valerie Caproni of the Southern District of New York ruled on November 3 that the Capital Markets Alliance Association, which is suing the Commodity Futures Trading Commission (CFTC), is likely to succeed on the merits of its claim that the CFTC lacks statutory authority to allow perpetual derivatives on individual stocks to be offered to retail investors. The perpetual contracts "appear to satisfy the definition of a swap," she wrote, a product regulated by the Securities and Exchange Commission (SEC) rather than the CFTC.
Judge Caproni nevertheless denied the alliance's emergency bid for a temporary restraining order, because the alliance had not shown that its members faced harm that was "actual and imminent," allowing Kalshi to begin listing the markets on Tuesday. She also found that the balance of equities and the public interest favored the alliance, writing that the CFTC's actions "seem to represent a major disruption to the equities market." Because the contracts do not provide for a "sale for future delivery of a single security," she wrote, "they cannot be a security future over which the CFTC has statutory and regulatory authority."
The case, Capital Markets Alliance Association v. Commodity Futures Trading Commission (No. 1:26-cv-09608, S.D.N.Y.), challenges the CFTC's approval of stock perpetual filings by Kalshi, Coinbase Derivatives and Bitnomial. The three exchanges filed on September 18, and under CFTC rules a contract filed for approval is deemed approved if the agency takes no action within 45 days; that period ended November 2. CFTC Chairman Michael Selig confirmed in a November 3 statement that the equity perps were deemed approved pursuant to Commission Regulation 40.3 as security futures products under joint CFTC and SEC oversight, saying U.S. traders would no longer be forced to turn to offshore, often unregulated venues. GSM reported the approval on November 3.
Kalshi's stock perps went live as the case unfolded. As of 5:30 a.m. ET on November 4, Kalshi's stock perps page listed four contracts, on Qualcomm, McDonald's, Amgen and Costco, each with maximum leverage of 4.9 times and combined 24-hour volume of about $7.85 million, led by Qualcomm at about $3.85 million, according to Gaming America. Kalshi's listing standards limit single-stock perps to companies worth at least $100 billion and set a minimum margin of 15.5 percent of a position's value, which would permit leverage of about 6.5 times; trading runs from 6 p.m. ET Sunday to 5 p.m. ET Friday, including overnight hours when U.S. stock exchanges are closed.
The CFTC struck back. A spokesperson called the lawsuit "troubling," telling Reuters: "Our markets should be governed by law, not litigation campaigns intended to block innovation." The SEC declined to comment on the litigation to Reuters. The alliance's named members include Cboe Global Markets and market maker Citadel Securities; Cboe CEO Craig Donohue said in a statement that the issue is about investor protection for securities trading and the rule of law.
The judge ordered the CFTC to answer the alliance's request for a preliminary injunction by November 6, with the alliance's reply due November 10. If a preliminary injunction is granted after November 10, Kalshi's four stock perps could be halted within weeks of launch, and an injunction on the alliance's terms would also bar the CFTC from giving effect to the Coinbase Derivatives and Bitnomial approvals. Separately, the SEC retains the power, for 60 days after the exchanges' security futures listing standards take effect, to summarily abrogate them and force a full review.
(Source: U.S. District Court for the Southern District of New York)
来源：纽约南区联邦地区法院
发布：GSM·美国（发布链接）
图片来源：图：位于 New York 的 Daniel Patrick Moynihan 联邦法院大楼入口，该法院审理资本市场联盟诉商品期货交易委员会案。Ken Lund 摄，CC BY-SA 2.0，经 Wikimedia Commons。 / Photo: Entrance of the Daniel Patrick Moynihan United States Courthouse in New York, where the Capital Markets Alliance case against the CFTC is being heard. By Ken Lund, CC BY-SA 2.0, via Wikimedia Commons.
GSM Global · 本篇英文版 English edition of this story
- 2026-11-03 06:33商品期货交易委员会：个股永续期货今起可在受监管交易所开始交易
- 2026-11-04 05:11跟进：联邦法官认定商品期货交易委员会批准个股永续期货很可能越权 但拒绝叫停交易本篇
