Netherlands based regulated trading venue One Trading has announced that it has received a regulatory extension from the Dutch Authority for the Financial Markets (AFM), enabling the company to offer 24/7 central-limit-order-book trading of equity perpetual futures. The regulatory extension establishes One Trading as the only licensed venue in the world authorised to provide continuous, out-of-market-hours price discovery and trading on equity derivatives.

Alongside its MiFID II Organised Trading Facility (OTF) licence, One Trading also holds a MiCAR licence for spot trading and custody, making it the only venue globally able to combine regulated spot, custody, perpetual derivatives and continuous on exchange settlement in a single onshore EU market structure.

The company said that this extension marks a major evolution of the global equity derivatives market, introducing always-on trading, real-time price discovery and institutional-grade margining to a market that has historically been constrained to fixed trading hours and legacy clearing cycles.

Always-on equity markets

For the first time in the regulated financial system, equity derivatives will trade continuously, 24/7, on a fully regulated central limit order book.

This enables:

• Live price discovery outside of traditional exchange hours
• Continuous best-bid / best-offer formation from all market participants
• Immediate market access to global macro, geopolitical and earnings-driven events – regardless of time of day

The result is the creation of a truly global equity derivatives market, no longer bound by the opening and closing bells of local stock exchanges.

Launch products

One Trading will launch with:

• US single-stock equity perpetual futures
• Equity index perpetual futures

The platform will support:

• Cross-margining and portfolio margining
• Central-limit-order-book trading
• Integrated custody, clearing and real-time settlement
• Access for eligible retail and institutional clients
• Long and short positions

A new category of regulated market infrastructure

The new market structure introduces perpetual futures to equities for the first time within a fully regulated onshore framework, providing a more capital-efficient, precise and continuously tradable alternative to traditional dated futures and listed options.

These products provide:

• No expiries
• Continuous market driven pricing
• Real-time settlement
• Deep capital efficiency
• Unified collateral across asset classes

— representing a structural upgrade to the way equity risk is traded globally.

Joshua Barraclough, Founder and CEO of One Trading, said,

“This is the moment equity markets become truly global, continuous and always-on. For the first time in financial history, regulated equity derivatives can trade 24/7 with live price discovery, central-limit-order-book transparency and institutional-grade margining.

“By combining MiFID II and MiCAR in a single trading venue, we have created a new category of regulated market infrastructure — one that unifies spot, custody, perpetual derivatives, clearing and settlement into a single always-on financial system. This is not an incremental upgrade. It is a structural evolution of how equity risk is traded globally.”

About One Trading

One Trading is a regulated European trading venue headquartered in the Netherlands. The company operates a MiFID II Organised Trading Facility (OTF) and holds a MiCAR licence for spot trading and custody. One Trading is building the next generation of financial market infrastructure by unifying spot, custody, derivatives, clearing and settlement into a single real-time, always-on market structure.