PTG Responds to CFTC Request for Comment on 24/7 Trading and Perpetual Contracts in Energy Markets
Aug 26, 2026
In a letter filed today with the Commodity Futures Trading Commission (CFTC), PTG supports allowing standard energy futures contracts to trade on a continuous 24/7 basis and supports the development of perpetual energy contracts under the CFTC’s regulatory framework. The letter argues that demand for around-the-clock energy risk management already exists and that much of this activity is occurring on offshore venues that lack the safeguards of regulated U.S. markets. PTG contends that bringing continuous trading onshore would enhance liquidity, improve price discovery, strengthen customer protections, and provide market participants with regulated tools to manage energy risks that arise overnight and on weekends.
The letter acknowledges two significant challenges to continuous trading: the ability to move margin and settlement funds when traditional payment systems are closed and ensuring adequate weekend staffing and risk management by futures commission merchants, exchanges, and clearinghouses. PTG argues that both issues are solvable. It recommends permitting appropriately regulated stablecoins and tokenized Treasury securities as collateral during periods when traditional payment rails are unavailable, while also allowing participants to satisfy requirements through pre-funded collateral. PTG further recommends meaningful weekend operational and risk coverage by intermediaries and clearing organizations to ensure market resilience and effective oversight.
Regarding perpetual energy contracts, PTG argues that these products may provide significant benefits to commercial users with ongoing energy exposure by eliminating the need to repeatedly roll expiring futures contracts. PTG believes perpetual contracts can reduce transaction costs and operational complexity while preserving the core protections of exchange-traded, centrally cleared futures markets. The association urges the CFTC to approve perpetual energy contracts once appropriate safeguards are in place and emphasizes that exchanges should not be allowed to materially alter the economic terms of perpetual contracts while positions remain open.