Business
CME Sues U.S. Regulator to Stop Kalshi From Offering Popular ‘Perp’ Futures
CME Group sued the top U.S. derivatives regulator Thursday to thwart Kalshi, an upstart prediction-markets platform, from encroaching on its turf as the nation’s leading futures exchange.
The Commodity Futures Trading Commission recently approved Kalshi’s plan to list perpetual futures contracts, known as “perps,” a trendy flavor of derivative that never expires and trades 24/7. In its suit, filed in federal court in Washington, CME argued that the CFTC violated U.S. law by classifying Kalshi’s perps as futures and not swaps. In doing so, the CFTC decision allows Kalshi to sidestep rules intended to protect the economy from the “special dangers that unregulated swaps posed,” lawyers for the exchange operator wrote.
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