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Terry Duffy characterized perpetual contracts as a "looming disaster," and the risks of high-leverage tools are underestimated—hearing this from a futures giant, the sarcasm is off the charts.
At the Piper Sandler Global Exchange and Fintech Conference on June 4, Duffy criticized the Commodity Futures Trading Commission's decision to allow regulated crypto perpetual contracts, believing that these high-leverage tools introduce dangers that many market participants may underestimate.
He pointed out that speculation is gradually replacing traditional market functions and questioned whether new products align with investors' long-term interests.
Duffy also mentioned that 85% to 90% of CME's trading activity comes from institutional participants, and analysts do not believe that perpetual contracts can effectively replace the futures products typically used by professional investors.