The CFTC has authorized Singapore Exchange under Regulation 48.10 to open its Bitcoin (BTP) and Ether (ETP) perpetual futures — $5.8B cumulative volume since their November 2025 launch — directly to eligible US institutional investors, the first foreign board of trade to route US institutions into an overseas crypto perp order book.
The CFTC has authorized Singapore Exchange under Regulation 48.10 to open its Bitcoin (BTP) and Ether (ETP) perpetual futures — $5.8B cumulative volume since their November 2025 launch — directly to eligible US institutional investors, the first foreign board of trade to route US institutions into an overseas crypto perp order book.
Singapore Exchange (SGX) has obtained CFTC authorization under Regulation 48.10, the Foreign Board of Trade provision, allowing eligible US institutions to trade its Bitcoin and Ether perpetual futures directly on its existing Singapore order books — without SGX registering as a US exchange or creating separate US listings. 'Under the Regulation 48.10 ruling, we have obtained CFTC authorization to open our crypto products to U.S. institutional access. Previously, U.S. participants couldn't trade these contracts but now they can,' said KC Lam, SGX Group head of crypto derivatives.
Key metrics: BTP and ETP have generated $5.8B in cumulative volume (~400,000 lots) since launching in late November 2025. Average daily volume reached 1,300 lots ($19M) as of August, with a peak session of 11,500 lots ($145M notional). Bitcoin accounts for 83% of average daily volume since inception and 66% of outstanding open interest.
This is the latest step in a fast-widening US perp market: the CFTC approved the first regulated Bitcoin perpetual for a US exchange listing in May, Kraken launched perps through CFTC-regulated Bitnomial in June, and Coinbase opened a Deribit route for US institutions in May. SGX is different — it's the first foreign venue to plug US institutions directly into its home-market liquidity pools. SGX plans dated Bitcoin and Ether futures and options next.
Ondo Finance launched Ondo Intelligent Portfolios, a new onchain product category delivering portfolios built on strategies developed by BlackRock for Ondo as single transferable tokens. Three tokens went live today — High Income, Diversified Growth, High Growth — with smart-contract-level rebalancing, available to eligible investors outside the US.