CFTC Approves Kalshi to Offer Bitcoin Perpetual Futures
The Commodity Futures Trading Commission last week approved Kalshi to offer bitcoin perpetual futures in the U.S. on regulated markets, which is causing volatility in exchange stocks, TD Cowen told investors in a research note. TD believes the approval likely creates more competition in the retail market, and is likely to curtail multiples on selected Eechanges, most notably Cboe Global Markets (CBOE). The firm sees Cboe most at risk, followed by CME Group (CME) and IntercontinentalExchange (ICE). It sees little risk to Nasdaq (NDAQ) and Marex Group (MRX). All five stocks, in addition to Miami International (MIAX), are lower in midday trading.