Citadel Securities has urged the SEC and CFTC to preserve SEC authority over event contracts and perpetual derivatives linked to U.S. public companies. In a Sept. 9 comment letter, the firm said KPI contracts are security-based swaps already governed by federal securities laws, and warned that CFTC oversight could move equity-linked activity beyond the SEC's surveillance and investor-protection system. Citadel Securities also challenged the CFTC's self-certification process, under which registered venues can certify certain new products and potentially begin trading on the next business day, rather than undergo the SEC's formal review and approval process. The firm said regulators should clarify the treatment of event contracts and perpetual derivatives and prevent self-certification from being used to evade SEC jurisdiction.