** The Commodity ​Futures Trading Commission on Friday paved the way for perpetual crypto futures, sparking concerns that U.S. exchanges could be hurt if such vehicles get extended across asset classes

** U.S. exchange operators Cboe Global Markets CBOE.Z and CME Group CME.O closed down 9.8% and 5.8% on Monday, respectively, while Intercontinental Exchange ICE.N slipped 2%

COMPETITIVE RISK MANAGEABLE

** Raymond James says investors in U.S. exchanges are nervous that products with significant retail participation are at risk of losing market share to new competitors with perpetual futures contracts

** Says perpetual futures aren't a viable alternative to futures contracts geared towards institutions and CFTC’s order could become the subject of litigation

** RBC Capital Markets says perpetual futures have attracted limited institutional demand and competitive risk is manageable given fundamental product differences and structural advantages for Cboe and CME

** TD Cowen says approval likely creates more competition in the retail market and could curtail valuation multiples for U.S. exchanges

** Barclays says even if perpetual futures come to equity products, index perpetual futures wouldn't likely have a meaningful impact