CME Group signage above the former Chicago Board of Trade (CBOT) trading pit in Chicago, Illinois, USA, on Thursday, November 13, 2025.
Christopher Dilts | Bloomberg | Getty Images
The shares of the stock exchange stocks fall after the regulatory approval of eternal futures Bitcoin sparked concern that a new wave of trading products could be coming to Wall Street.
CME Groupknown for its derivatives and futures trading platforms, fell more than 3% in Tuesday’s session and is down around 9% in the last two days. Cboe Global Marketsan exchange and derivatives network, plunged 8% in Tuesday trading, extending its losses for the week to over 17%.
CME group, 5 days
Parent company of the New York Stock Exchange Intercontinental exchange slipped more than 3% on Tuesday and is down more than 5% for the week. Nasdaq Shares fell more than 5% in the session, pushing the stock into losses compared to the start of the week.
The Commodity Futures Trading Commission last week approved perpetual futures – a type of futures contract with no expiry date, known as “Perps” – for Bitcoin trading on Kalshi. Investors fear the CFTC could be next to give other asset classes the green light to trade via perpetual futures, which could intensify competition for the traditional exchanges that have long dominated Wall Street.
Cboe, 5 days
“The concern is that perpetrators could move into equity products and potentially displace CME/CBOE S&P products,” Barclays analyst Ben Budish told clients in a note Tuesday.
Budish said perpetual futures could challenge certain products aimed at retail investors. But despite the recent price decline, there are already comparable offerings in the U.S. that have not significantly changed the way retail investors trade, Budish said.
