A single Euronext Rule Book governs trading on all Euronext Securities and Derivatives Markets. The PEA-PME is a financial framework that helps diversify sources of funding, specifically for small and medium-sized companies (SMEs). It allows French retail investors to acquire a portfolio of European PEA/PME eligible securities while benefitting from preferential tax conditions. The Legacy and Disaggregated reports are available in both a short and long format. The Division of Market Oversight has prepared the following responses to questions regarding Commitments of Traders reports (COT Reports) published by the Commission.
- The French financial community also has one major public independent authority, the Autorité des Marchés Financiers (AMF).
- It should cover any transaction, on any platform, in which the employee uses MNPI obtained by virtue of their position.
- If the number of reported long positions fall significantly from a previous week’s COT Report, what is the likely explanation?
- Most corporate insider trading policies are drafted with reference to “securities,” which does not capture the majority of prediction market contracts.
- Using the CFTC Public Reporting Environment will allow you to access these historical reports and select only the dates and contracts you are interested in reviewing.
Company
Meanwhile, Nasdaq has also entered a partnership with German exchange operator Boerse Stuttgart’s tokenization settlement platform to facilitate the trading of blockchain-based equities throughout Europe. Tokenization, as used in finance, is the digital representation of real-world assets (RWAs), including bonds, stocks, and bank deposits, that can be readily traded using blockchain, or distributed ledger, technology, which underpins crypto assets. Nasdaq is developing a platform for the eventual issuance and trading of tokenized equities, as the race to build a new financial infrastructure intensifies. In December, it completed the acquisition of Macquarie’s US and European public asset management businesses, which held assets under management valued at US$166 billion.
The rapid growth of prediction markets — platforms offering event-based contracts tied to everything from elections to sports to corporate earnings — has created a new and largely unaddressed vector for insider trading liability. Federal regulators and prosecutors have signaled that existing fraud and manipulation frameworks apply to prediction market trading on material nonpublic information (MNPI), even where the contracts at issue are not traditional securities. Public and private companies and their counsel should evaluate whether existing insider trading policies adequately cover employee activity on these platforms. The Commodity Futures Trading Commission (Commission or CFTC) publishes the Commitments of Traders (COT) reports to help the public understand market dynamics. Each historical report is viewable with the data for the respective reporting week, along with all historical data compressed within an annual file.
The responses to these FAQs reflect only the views of DMO staff, and not necessarily those of the Commission or any other branch or division. The Commission has neither approved nor disapproved of these FAQs, and they have no legal force or effect, do not alter or amend applicable law, and do not create any new or additional obligations for any person. Last year, Nasdaq sought US Securities and Exchange Commission approval to launch tokenized versions of listed stocks and exchange-traded funds, which the regulator approved last month. The French financial community also has one major public independent authority, the Autorité des Marchés Financiers (AMF). Its high quality of training has made the school a key venue for financial education.
Reports Dated March 24, 2026 – Current Disaggregated Reports:
In October 2022, CFTC began publishing weekly and historical report data within a public reporting environment to support industry professionals needing to customize, search, filter, and download report data for analysis and trends. Insider trading policies should be reviewed to determine whether they cover event-based contracts, prediction market instruments, and derivative transactions that reference the company’s securities, business operations, or publicly reported metrics. The prohibition on use of MNPI by company employees should not depend on whether the instrument at issue is classified as a security.
Regulatory Bodies
These rules often extend to trading on misappropriated confidential information, unlawful tips, or by participants who are in a position to influence the outcome of an event. Violations can carry significant consequences, including account suspension or termination, forfeiture of funds, and, in some cases, public disclosure of enforcement actions. Prediction market contracts are generally structured as event-based instruments — binary options or forward-style contracts that pay out based on whether a specified event occurs. A contract might reference, for example, whether a particular company will announce a stock split before a given date, whether a CEO will resign, or whether the Federal Reserve will raise interest rates at its next meeting. That structural distinction has led some market participants to assume that insider trading prohibitions do not apply to them. “I have done a lot of work in insider trading matters strovemont both as a prosecutor and as a defense attorney, and I take insider trading extremely seriously,” Miller said.
Insider trading is “not a victimless offense,” and is oftentimes a violation of the duty owed to the information’s source, Miller said. The gateway will be available in jurisdictions worldwide where xStocks is accessible. Nasdaq officials expect their equity token design and related blockchain-based services to become operational in the first half of 2027. Blockchain records will be integrated into the issuer’s official share registry, providing a regulated bridge between on‑chain records and off‑chain identity.
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This issue persists, and 24X’s ‘belief’ that it thought the SIPs would have extended their own hours to accommodate 24/7 trading by now is no reason to relieve it of the conditions the SEC imposed for permitting overnight trading. That has still not occurred, yet 24X now seeks exemptive relief to permit it to do now what the SEC explicitly refused to allow it to do then. The global stock exchange operator is partnering with Payward, the parent company of crypto exchange Kraken, on the design of equity tokens, which it claims will place issuers at the center of financial tokenization. It is a market set to exceed $9.4 trillion in the coming years, according to research and analytics firm Kavout. Prediction markets, namely Polymarket and Kalshi, have come under fire in recent months, after repeated occurrences of users making large bets before major geopolitical events.
In such event, once a contract market has again reached 20 or more reportable Large Traders, the contract market will be added again to the COT Reports. Due to legal restraints (CEA Section 8 data and confidential business practices), the CFTC does not publish information on how individual traders are classified in the COT reports. “As we said in our comment letter, the SEC knew when it approved 24X’s registration that commenters had raised concerns about allowing overnight trading without the SIPs also extending their trading hours. Market participants would not be able to effectively monitor the markets during an overnight trading session unless they could rely on the independent public data feeds that the SIPs provide.
The spread number needs to be added to be both long and short sides, respectively. If you are doing these calculations on the Combined file, the sum of the long and or short positions may be +1 or -1 Open Interest, due to option delta calculations. He later pointed to a recent example of Kalshi fining an employee who used non-public information to bet on a contract related to the YouTube channel he worked on. While Miller did not specify which YouTube channel, the situation he described is consistent with the fine Kalshi imposed on a MrBeast employee named Artem Kaptur, who was fined and ordered to return more than $5,000 in profits related to YouTube streaming milestones.