SRO Monitor Digest

KalshiEX and Coinbase Derivatives, both CFTC-regulated futures venues notice-registered with the SEC for security futures, are each adopting rules to list cash-settled perpetual futures on large-cap stocks and ETFs. These never-expiring contracts use funding payments to track the underlying equity price. Both were filed under Section 19(b)(7), so they take effect without SEC approval once the CFTC signs off; the SEC can only summarily abrogate within 60 days and force a full approval process. The filings differ in detail: Kalshi specifies 23x5 trading, half-penny ticks, 15.5% margin, clearing through its affiliate Kalshi Klear and a November 2, 2026 target date, and faces added legal risk from CME's parallel litigation over perpetual futures, while Coinbase will trade Sunday 8pm through Friday 5pm ET.

The SEC issued a five-year temporary exemptive order letting 'Tokenized Securities Venues' (TSVs) run permissioned automated market maker liquidity pools trading tokenized NMS stocks without registering as exchanges or ATSs — and exempting the liquidity providers in those pools from dealer registration. This is not a proposal or a notice: the relief is effective now (Sept 17, 2026 through Sept 17, 2031), though the SEC is simultaneously taking comment and could modify it. Practically, a new class of venue can trade tokenized versions of listed stocks completely outside Regulation NMS — no trade-through, no Rule 605/610/612, no CAT, no SIP quoting — subject to guardrails: US-person status, public disclosure notices, issuer veto for third-party tokenizations, 30-day public trade data, halt-with-the-primary-listing-exchange, no leverage, and hard caps (75 Tier 1 symbols at 0.25% of ADV; 250 Tier 2 symbols at 2.5% of ADV).