According to CoinMeta, Coinbase Derivatives has submitted a rule change application to CFTC, proposing to establish a cash-settlement framework for individual stocks and ETF share futures trading, which includes perpetual futures for individual stocks without a fixed expiration date. Such contracts are settled in cash, do not involve delivery, and do not grant investors ownership of the underlying securities. The proposed rules require that the underlying securities have a market value of at least $100 billion at the time of initial listing, an average daily trading volume of at least $450 million over the past six months, and an estimated deliverable outstanding volume of more than 20 million shares. The minimum margin required for customers is proposed to be no less than 15% of the current market value of the securities futures. Currently, CFTC has not yet approved this application, and the related rule changes have not taken effect yet.