Cboe joins lawsuit challenging CFTC approval of single-stock perpetual derivative

Cboe Global Markets has joined a lawsuit filed by the Capital Markets Alliance (CMA)—whose members include Cboe, Citadel Securities, and the Healthy Markets Association—challenging the CFTC's approval of U.S. equity and ETF perpetual derivatives and seeking injunctive relief. Cboe CEO Craig Donohue argued that securities-related products should trade on registered securities platforms subject to U.S. securities-law investor protections and oversight, rather than under the CFTC framework. The dispute follows the CFTC's decision allowing single-stock perpetual futures to begin trading on qualifying U.S. exchanges. The case matters because it could determine which regulator and market structure govern the fast-growing perpetual derivatives segment in the U.S. Watch for the court's ruling on the injunction request and whether equity perps launch on CFTC-regulated venues while litigation proceeds.