Longer Electronic Trading Hours Possible
The CME Group and the Kansas City and Minneapolis boards of trade plan to expand daily electronic trading up to 22-hours beginning next Monday. Officials say the proposal will not affect day-time Open Outcry trading hours. The original 10-day comment period ended Wednesday. At that time commissioners of the Commodity Futures Trading Commission were split on whether or not to postpone the change by tacking on an additional 30-day comment period. Also, USDA is still considering how it will handle report releases.
As of late Wednesday, CFTC spokesperson David Gary said, if there is no extension of the comment period, - that would be, in effect, tantamount to an approval. Just go ahead and do your thing.
Only two groups, the National Grain and Feed Association and the North American Export Grain Association, have submitted comments to the CFTC. Both called for a longer window to work on the logistical issues, such as report releases, that a longer trading day raises.
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