CHICAGO — CME Group, the world’s leading and most diverse derivatives marketplace, announced March 4 it will reduce grain and oilseed trading hours following comprehensive outreach to producers, commercial customers, traders and other industry participants who manage their risk in its markets.
Pending CFTC review, trading in CBOT grain and oilseed and KCBT markets will be reduced from the current 21 hours, both on the floor and via its CME Globex electronic trading platform, for the April 8 trade date.
Tim Andriesen, Managing Director, Agricultural Commodities and Alternative Investments, CME Group said the group has received feedback about the change which helped with the decision.
“As a result, we engaged our customers more formally through one-on-one conversations, focus groups and an online survey, which attracted more than 4,000 responses, to determine what hours best meet their needs. While there were varying opinions about what the modifications to hours should be, we believe these changes balance the needs of our diverse global customers based on their feedback.”
Beginning April 8, electronic and floor trading hours for CBOT corn, soybeans, wheat, soybean meal, soybeanoil, rough rice, oats, and KCBT wheat futures and options, plus all related CBOT and KCBT calendar spread options and inter-commodity spread options, will be amended as follows:
Sunday to Friday, electronic trading from 7 p.m. to 7:45 a.m.; central time.
Monday to Friday, break in electronic trading from 7:45 a.m. to 8:30 a.m.; central time.
Monday to Friday, floor and CME Globex trading from 8:30 a.m. to 1:15 p.m.; central time.
Daily settlements for CME Globex and floor trading of these products will be based on market activity at or around 1:15 p.m. central time each day. Mini-sized corn, mini-sized soybeans and mini-sized wheat will continue to trade on CME Globex and on the floor until 1:45 p.m.; central time.
CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex¬Æ electronic trading platform and its trading facilities in New York and Chicago.
CME Group also operates CME clearing, one of the world’s leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.