CME Group shelves plans to launch around-the-clock crude oil futures contracts amid industry concerns.
1 hours ago
Chicago Mercantile Exchange Group (CME Group Inc.) has decided to shelve its plan to launch 24/7 crude oil futures contracts following industry pushback. Market participants had raised concerns that weekend illiquidity could distort WTI crude oil pricing, while continuous trading would also add pressure on weekend staffing, commercial hedging, and after-hours margin calls. CEO Terry Duffy stated in a Friday release that after extensive consultations, core market stakeholders broadly expressed concerns that rushing to introduce 24/7 energy trading without sufficient due diligence could trigger unforeseen consequences and additional market risks. (Bloomberg)
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