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On June 5, 2025, CFTC Acting Chairman Caroline D. Pham delivered a keynote address titled “Innovation and Market Structure” at the Piper Sandler Global Exchange and Trading Conference. Her remarks focused on the CFTC’s approach to promoting regulatory policy that supports U.S. economic growth and American competition, particularly amidst rapid innovation and transformation in market structure.
Key themes from her address included:
* Back to Basics and CFTC’s Mission: Pham emphasized returning to the CFTC’s core mission of promoting market integrity and liquidity in U.S. derivatives markets, which are crucial for the real economy and global trade. She highlighted the partnership between the regulator and self-regulatory organizations (SROs) like the NFA, DCMs, DCOs, and SEFs in ensuring deep, liquid, and well-functioning markets.
* Regulatory Agenda and Streamlining: She discussed the CFTC’s regulatory agenda, submitted pursuant to presidential executive orders, and touched on efforts to address longstanding issues of regulatory overreach and administrative burden. This includes reviewing and refining the self-certification process for new or changed contracts and rules.
* Organizational and Technological Enhancements: Pham outlined organizational changes within the CFTC, such as moving the Futures Commission Merchants (FCMs) team back into the Division of Clearing and Risk Management for a more holistic view of systemic risk, and moving the Market Surveillance Branch from the Division of Enforcement back to the Division of Market Oversight. She also announced the CFTC’s intention to procure a real-time trading surveillance system, recognizing that the current system is outdated and dates back to the 1990s.
* 24/7 Trading and Perpetual Derivatives: A significant portion of her address centered on the ongoing discussion and CFTC’s Request for Comment (RFC) regarding 24/7 derivatives trading and clearing. She noted that the comment period recently closed, and staff are evaluating the responses. Pham emphasized that while existing CFTC regulations may not need fundamental changes to enable 24/7 trading (citing Coinbase Derivatives and Nodal Clear’s continuous trading launch in May 2025), there are significant challenges, especially concerning collateral management and maintaining market resilience during non-traditional hours. She hinted at the exploration of new collateral models, including tokenized assets and stablecoins, to address the constraints of traditional banking hours.
* Direct Access and Non-Intermediated Clearing: She also touched on the CFTC’s RFC on direct access and non-intermediated clearing, indicating a broader consideration of market structure evolution.
* Balancing Innovation with Risk: Throughout her speech, Acting Chairman Pham underscored the CFTC’s commitment to balancing the benefits of progress and innovation with the need to ensure the safety, integrity, and transparency of U.S. derivatives markets. She emphasized the importance of industry feedback in shaping regulatory approaches to these evolving market dynamics.
Overall, Acting Chairman Pham’s address at the Piper Sandler conference highlighted the CFTC’s proactive stance in adapting its regulatory framework to the rapidly changing landscape of financial markets, particularly in response to technological advancements and the increasing demand for continuous global trading.

Video courtesy of ABN-AMRO

Video courtesy of ABN-AMRO