Jurisdictional Block Emerges

A less likely but important downside scenario is that the SEC or joint SEC-CFTC process concludes the contracts are too close to single-stock equity swaps or security futures. That would not necessarily end the idea permanently, but it would force a much slower approval route and likely require new rulemaking or exchange registration changes.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.