Granted CFTC Temporary Relief, U.S. Designated Contract Markets May Convert Certain Contracts into Perpetual Contracts Without Expiration

Odaily News: The U.S. Commodity Futures Trading Commission (CFTC) has issued a "no-action" relief allowing Designated Contract Markets (DCMs) to convert certain existing contracts that already substantively possess perpetual contract characteristics into "true" perpetual contracts without expiration dates. The relief is valid until October 20. Exchanges must seek input from holders of open positions before conversion, provide advance notice and an opportunity to exit, and offer risk disclosures.