Page 25 - 期货和衍生品行业监管动态（2025年4月）

期货和衍生品行业监管动态

in market structure to ensure our markets remain vibrant and resilient while protecting

all participants,” said Acting Chairman Caroline D. Pham. “One evolving trend is the

move to 24/7, 24/6, or 24/5 trading hours. I look forward to the public comments on

this market innovation.”

This request seeks comment on the implications of extending the trading of

CFTC-regulated derivatives markets to an effectively 24/7 basis, including the

potential effects on trading, clearing and risk management which differ from trading

during current market hours. The request also seeks comment on the risks of 24/7

trading, and the associated clearing systems, including risks related to the areas of

market integrity, customer protection, or retail trading.

Comments will be accepted until May 21. Comments may be submitted

electronically through the CFTC Comments online process.

https://www.cftc.gov/PressRoom/PressReleases/9068-25

8. 美国商品期货交易委员会工作人员就衍生品市场永续合约征询公众意见

（2025 年 4 月 21 日）

美国商品期货交易委员会（CFTC）市场监管部、清算与风险部以及市场参

与者部发布了一份征求意见文件，旨在更全面地了解 CFTC 监管的衍生品市场中

永续合约（perpetual contracts）的使用可能、好处及风险。

CFTC 代理主席 Caroline D. Pham 表示：“创新与新兴技术正在推动市场复

兴，在为更多人创造新机遇的同时也带来了风险。美国商品期货交易委员会

（CFTC）正在回归根本，就近期交易所和市场参与者表现出浓厚兴趣的永续合

约征求公众意见。”

此次征求意见重点关注永续衍生品的特征（包括不同产品间可能存在的差异

化特征）及其在交易、清算及风险管理中的可能影响。同时，征求意见还关注永

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