CFTC Seeks Industry Feedback on 24/7 Futures and Perpetual Commodity Contracts

The Commodity Futures Trading Commission published a Federal Register request for comment on July 28, 2026, opening feedback channels on two structural questions: extending standard futures contracts to continuous 24/7 trading and listing perpetual contracts referencing physical commodities. Per the filing, the comment period closes August 26, 2026—27 calendar days from publication. A parallel and more immediately execution-relevant track sits with FINRA Regulatory Notice 26-15, published July 24, 2026, which solicits input on modernizing best execution guidance under Rule 5310 in response to SEC's June 11, 2026 Regulation NMS proposal.

CFTC Filing Parameters

• Filing date: July 28, 2026.
• Comment deadline: August 26, 2026.
• Submission channel: Federal Register; comments accepted via Regulations.gov.
• Instrument scope: standard futures contracts (24/7 extension under consideration); perpetual contracts referencing physical commodities (new listing class under consideration).
• Status: request for comment. No binding rule text proposed at this stage.

For intraday and scalping workflows, 24/7 futures continuity removes the equity-close-to-equity-open gap window currently used for overnight risk pricing. Fill behavior at re-open shifts. Perpetual listings introduce a funding-rate mechanism absent from dated futures; basis tracking and roll-calendar logic both require recalibration if the listing class is approved.

FINRA Notice 26-15 and Rule 5310

Notice 26-15 does not propose amendments to the text of Rule 5310. It solicits input on execution quality questions tied to the SEC's June 11, 2026 proposal to rescind Rule 611 (trade-through prohibition) and Rule 610(e) restrictions on locked and crossed quotations. FINRA states its principles-based approach continues to serve the market, while acknowledging that firms subject to recent best-execution investigations may dispute that assessment.

Items flagged for comment:

• Whether the NBBO remains the valid benchmark, or whether VWAP and TWAP alternatives should be incorporated.
• Whether an SOR with embedded best-execution logic can satisfy the order-by-order review standard for internalized orders.
• How venue connection decisions should be made absent the Rule 611 regulatory backstop.
• Whether access-fee pass-through or absorption decisions affect the best-execution analysis, in light of the SEC's separate review of Rule 610(c) access-fee caps.
• Whether the execution quality factors under Supplementary Material.09 to Rule 5310 adequately cover institutional, algorithmic, and block trading strategies.

Practical Checklist

• Calendar: track CFTC docket submissions through August 26, 2026; flag any shift from request-for-comment to formal proposed rule.
• SOR audit: confirm routing logic handles trade-through scenarios if Rule 611 is rescinded; document venue selection rationale per order.
• Benchmark review: reassess NBBO-based execution analytics against VWAP and TWAP alternatives before any FINRA guidance update.
• Futures continuity: recalibrate pre-market and overnight fill assumptions; update re-open gap models.
• Perpetual prep: separate funding-rate interval tracking from dated-futures roll calendar; update P&L attribution logic.
• Best-execution file: build a documented record of venue selection, fee handling, and SOR decision logic to satisfy post-rescission review standards.