Coinbase Derivatives adopts Chapter 12 for cash-settled equity futures

On Sept. 18, 2026 Coinbase Derivatives, LLC (CDE) filed a proposed rule change with the Securities and Exchange Commission under Section 19(b)(7) of the Securities Exchange Act of 1934. The filing, identified as Release No. 34-106420 and File No. SR-COIN-2026-002 (FR Doc No. 2026-19407), adopts Chapter 12 of the CDE Rulebook to govern cash-settled futures on individual equity securities and exchange-traded fund shares, including perpetual single-stock futures. The notice states that the proposed rules are effective immediately upon filing.

CDE, a designated contract market under the Commodity Exchange Act and a national securities exchange for security futures products pursuant to Section 6(g) of the Act, will implement Rules 1201 through 1225. These rules establish the scope and application, definitions, listing standards, product appendices, trading hours, participant access, halts, position limits, settlement pricing, funding payments, corporate-action adjustments, clearing procedures, and related disclosures. A separate filing under Section 19(b)(2) will address margin requirements, specifically Rule 1215 and related clarifications in Rules 1212(c), 1213(e)-(f), and 1221(c).

The filing also amends Rule 101 to add a defined term for the "SEC." Definitions added in Rule 1202 include "Clearing House" (Nodal Clear, LLC), "Contract Unit," "Corporate Action," "Daily Settlement Price," "Funding Rate," "Index Price," and other terms essential to the operation of the perpetual contracts. The rules specify that, in the event of any conflict, Chapter 12 governs, while matters not addressed will fall under existing exchange rules, the clearing house's rules, or applicable law.

CDE submitted the same proposed rule change concurrently to the Commodity Futures Trading Commission, which has not yet approved the change. The Commission is now soliciting comments from interested persons on the proposed rule change.