Capital Markets Alliance said Tuesday that it had sued the U.S. Commodity Futures Trading Commission (CFTC) to block the agency’s authorization of perpetual futures contracts on individual stocks. The complaint argues that these products are securities-based swaps and fall under the jurisdiction of the Securities and Exchange Commission (SEC). It also alleges that the CFTC violated the Administrative Procedure Act by failing to explain its policy and its reversal of a previous position. The CFTC did not immediately respond to a request for comment on the complaint.