U.S. Stock Exchanges See Volume Gains as Regulators Weigh Perpetual Futures

U.S. exchanges are set to report quarterly results this week, and analysts expect a rise in trading volumes driven by heightened market volatility. A rebound in IPO activity should also support the Nasdaq and ICE. However, the Commodity Futures Trading Commission’s recent approval for Kalshi and Coinbase to list cryptocurrency perpetual futures has raised concerns about competitive pressure on incumbent exchanges. The regulatory shift is viewed as a factor behind the year‑to‑date decline in three of the four major exchange stocks – Nasdaq, CME and ICE – which have fallen between 5.4% and 12.6%, while Cboe has risen about 11%.

In pre‑market trading, U.S. equity futures are modestly higher, led by a semiconductor rally that lifted the iShares Semiconductor ETF about 3.8%. Oil prices remain near recent highs amid ongoing U.S.–Iran tensions, while the VIX has slipped and Treasury yields stay elevated. The market’s lift is seen as a relief response rather than a full‑scale recovery, with analysts watching how regulators and new crypto products may reshape competition among exchanges.