Cboe Global Markets, CME Group and Intercontinental Exchange shares declined as investors weighed risks tied to perpetual futures (contracts without expiry), with Cboe and ICE touching multiyear lows on June 2.
Shares of major U.S. exchange operators fell amid concerns about perpetual futures (contracts without expiry) risk. Cboe Global Markets dropped 9%, CME Group fell 4.7%, and Intercontinental Exchange declined 3.9%. On June 2, Cboe reached its lowest level in more than a year, while Intercontinental Exchange approached a two-year low. The moves indicate investor caution toward exchanges seen as exposed to derivatives-related risk, particularly around perpetual futures, a crypto-linked product structure commonly used for leveraged trading.