Perpetual futures remove the need to roll expiring contracts, but their growing use beyond crypto is raising market-structure and regulatory concerns. Vishal Gupta warns that strong governance will be critical as perps expand, especially after CME's legal challenge to the CFTC put their US status and oversight framework under scrutiny.

Perpetual futures contracts, which have gained traction in commodities beyond their cryptocurrency origins, are unlikely to disrupt traditional commodity markets because they are tailored for retail traders rather than commercial hedgers and institutions, according to a study by Craig Pirrong, a finance professor at the University of Houston. Pirrong argues that the design of perpetual futures -- with features such as smaller contract sizes and lack of different delivery dates -- limits their usefulness for large-scale hedging and risk management.

The Texas Stock Exchange has begun trading all tickers as it competes with the New York Stock Exchange and Nasdaq. In response to TXSE's debut, both NYSE and Nasdaq have expanded their own operations in Texas and attracted dual listings from companies such as AT&T and Huntington Bancshares. The Dallas-based exchange, backed by investors such as Goldman Sachs, JPMorgan Chase and Citadel Securities, has raised $275 million and received federal regulatory approval last year. Initial public offerings are planned for next year, and the exchange aims to attract companies from Florida to Texas.

The shift to electronic bond trading has accelerated considerably over the past decade, with platforms like MarketAxess fueling the trend. In 2025, 49% of U.S. investment-grade bond trades occurred electronically, up sharply from 20% in 2015. The Covid pandemic sped up this transition, as volatility prompted traders to adopt digital platforms. This trend underpins ICE's acquisitoin of MarketAxess for $6 billion, betting on the continued growth of electronic bond trading.

The London Metal Exchange has proposed reducing the minimum production period for new brand listings from 12 months to six months for most metals, aiming to expedite the availability of new brands without compromising quality. The LME is also consulting on allowing outdoor aluminum storage in Hong Kong and introducing new traceability requirements for aluminum, lead and zinc. These proposals are part of broader warehouse reforms, including extending a freeze on warehouse rent and Free on Truck charge caps and requiring electronic certificates of analysis for copper.

Cboe Global Markets has reported record second-quarter net revenue of $731.6 million, a 25% increase from the previous year, driven by strong index options trading. The derivatives business set a quarterly record with a 30% net revenue increase. Cboe has raised its 2026 organic revenue growth guidance to "mid to high teens," reflecting confidence in continued growth.

The London Stock Exchange has capped free usage of its AI tools to generate revenue from the recent year of product launches. The AI-powered search tool for the Workspace terminal, which has 17,000 active users, is now limited to a fair-use cap, with usage-based charges applying beyond that. The Deep Research Workspace agent is sold as a premium add-on, and Company Intelligence generates 3,000 company reports weekly. CEO David Schwimmer says the move will help cover increased cloud costs.

India's NSE index derivatives turnover fell sharply in July after RBI tightened bank funding norms for capital market intermediaries, reducing support for proprietary traders. Index futures turnover dropped 17% month on month and index options premium turnover fell 16%, with market participants warning volumes could weaken further as pre-existing funding facilities roll off.

The Joint Committee of the European Supervisory Authorities has called for immediate action from financial institutions to strengthen cybersecurity amid the rising risks from "frontier" artificial intelligence. The regulators highlight the potential for AI-driven cyberattacks to exploit vulnerabilities at unprecedented speeds, posing systemic risks to the financial system.

The SEC stayed approval of Nasdaq PHLX's proposed cash-settled bitcoin index options after CME asked commissioners to review whether the products fall under CFTC rather than SEC jurisdiction. CME argues the contracts are commodity option swaps tied directly to bitcoin, raising a regulatory challenge that could shape how crypto-linked derivatives are listed and overseen.