CFTC Clears Perpetual Stock Futures; Morgan Stanley Tokenizes US Stocks via DTCC

The US Commodity FuturesФьючерсыA futures contract is a standardized exchange-traded contract to buy or sell an asset at a price agreed in advance, on a set date in the future. Trading Commission (CFTC) on November 3 cleared the way for perpetual futuresБессрочный фьючерсPerpetual futures are derivative contracts on a crypto asset with no expiry date, whose price is kept close to the spot price by a funding rate mechanism. tied to individual stocks to trade on US-registered exchanges. According to PYMNTS, this brings into traditional equities a feature long associated with crypto markets and puts trading activity that previously took place mostly offshore under US supervision. The same week, Morgan Stanley became one of the first banks to use the DepositoryДепозитA deposit is a transfer of money from a player or customer to their account with a casino, sportsbook, or exchange operator. Once the funds are credited, they become available for betting or trading. Trust & Clearing Corporation (DTCC) new tokenization infrastructure to tokenize popular US stocks.

What the Regulator Approved

The CFTC decision covers perpetual futures on individual stocks traded on US-registered platforms. PYMNTS notes that it also means trading that previously ran largely offshore now falls under American oversight. The report does not provide details on platform requirements, position limits or launch timelines, so these questions remain open.

Tokenization and Corporate Cash

PYMNTS argues that the speed at which an asset moves is not the same as the ability to quickly turn it into cash. A tokenized Treasury security can change hands in seconds, but its owner still needs a buyer, a financing counterparty or a redemption mechanism to access the money, and banks must provide liquidityЛиквидностьLiquidity is the ability of an asset or cash to be quickly exchanged or paid out without a significant change in price or losses on the transaction. and meet regulatory requirements. If the cash leg of a transaction remains tied to banking hours, the practical benefit of 24/7 securities transfers may be limited.

According to PYMNTS, Citi CEO Jane Fraser said on the bank's October third-quarter earnings call that tokenized deposits, which let institutional clients transfer funds on blockchainБлокчейнA blockchain is a distributed database in the form of a chain of blocks, where each record is cryptographically linked to the previous one, and copies are stored by many network participants. within the regulated banking system, are gaining strong traction. She said clients should be able to choose between different platforms.

Risks for Banks and Liquidity

If corporate clients begin to expect investments to be redeemed at any time, including at midnight on a Saturday, a bank or another intermediary will need funds, credit capacity or market access to honor the request. Round-the-clock movement of collateral will require lenders to monitor exposures and manage funding outside traditional business hours. Banks may face a different pattern of deposit outflows, and in response, products with faster redemption, collateral-backed liquidity facilities or services linking investments to payment needs could emerge, according to the author.

What the Surveys Show

PYMNTS Intelligence, in the March installment of its “Waiting for Certainty” report, found that most middle-market companies remain cautious about digital assets: 13% of firms use stablecoinsСтейблкоинA stablecoin is a crypto asset whose price is pegged to a fiat currency (most often the US dollar) and maintained by reserves or an algorithm. and 5% use other cryptocurrencies. In an August report, the publisher says 52% of decision-makers rank cash flow forecasting first among the investment priorities of finance chiefs. Both studies were produced by PYMNTS itself, so they should be treated as data from a single source.