Perpetual futures: when expiry disappears, governance is key
Perps solve the futures roll problem, but run market-structure and regulatory risks, warns Vishal Gupta
The notion of perpetual futures has been around since the early 1990s, when Robert Schiller developed the concept academically. But they’ve gained traction in recent years: BitMEX operationalised them for crypto markets in 2016 and this year they achieved notoriety when CME sued its regulator, the Commodity Future Trading Commission (CFTC), to challenge their legal status in the US.
Perpetuals are
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