Kalshi submits U.S. equity and ETF perpetual securities futures listing rules to the SEC
BIBIBI
AT A GLANCE
Kalshi submitted a rule change to the SEC proposing to list perpetual security futures products with no fixed expiration date.
Article
KalshiEX plans to introduce the crypto perpetual-contract model to U.S. equities, submitting listing standards for perpetual securities futures to the SEC
BlockBeats news,September 23, the U.S. Federal Register today published KalshiEX LLC(Kalshi)’s notice of rule filing. The prediction-market platform has submitted a proposed rule change to the SEC and asserts immediate effectiveness, adding Chapter 14 to its rulebook to list “Perpetual Securities Futures Products” (Perpetual SFPs). The contracts have no fixed expiration date and use periodic funding payments between long and short parties to anchor contract prices near the spot price of the underlying U.S. equity or ETF.
Kalshi classifies them as securities futures and plans to clear them through its clearing platform, Kalshi Klear. Listing thresholds are relatively high: the underlying must have a deliverable supply exceeding 20000000 shares, a market capitalization of at least 100000000000 USD, and average daily trading volume of at least 450000000 USD, and contract units are generally 100 shares.
Original link https://m.theblockbeats.info/flash/368628
Key points
01
The U.S. Federal Register, on September 23 published KalshiEX LLC(Kalshi)'s notice of rule filing.
02
Kalshi has submitted a proposed rule change to the SEC and asserted that it should take effect immediately.
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The proposed change would add Chapter 14 to the rulebook for listing “Perpetual Securities Futures Products” (Perpetual SFPs).
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The contract has no fixed expiration date; periodic funding payments between long and short counterparties anchor the contract price near the spot price of the underlying U.S. stock or ETF.
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Kalshi classifies the product as a security future and plans for it to be cleared by Kalshi Klear.
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Listing criteria for the underlying include deliverable supply exceeding 20000000 shares and a market capitalization of at least 100000000000 USD and average daily trading value over the past months of at least 450000000 USD shares; contract units are generally 100 shares.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a proposed perpetual contract: it has no fixed expiry date and uses periodic funding fee payments between long and short positions to keep the contract price as close as possible to the spot price of the relevant U.S. stock or ETF.
Why it matters to readers
If implemented as filed, Kalshi could list perpetual security futures products related to U.S. stocks or ETFs, but the underlying assets would need to meet relatively high thresholds for supply, market capitalization, and trading volume.
Beginners need to distinguish between proposed rules and products that have already been officially launched, and note that such contracts have no fixed expiration date and involve periodic funding payments.
Risks and unknowns
The original text does not state whether the SEC has reviewed, accepted, or approved the rule change.
The original text does not confirm whether the relevant products have actually been listed or opened for trading.
The original text does not list the specific U.S. stocks or ETFs that meet the listing thresholds.
“Claims immediate effectiveness” is Kalshi’s assertion in its filing; it does not mean that the original text has confirmed the rule is ultimately effective.
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Related concepts
Perpetual security futures products
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