CME Group has submitted a revised proposal on expanded electronic trading hours. According to DTN, the proposed hours will be changed to a 5 p.m. open with a 2 p.m. close. The new hours would go into effect no later than Sunday, June 3, according to CME Agricultural Commodities and Alternative Investments managing director Tim Andriesen.
The move cools concerns from some in the industry that the earlier proposal of a 6 p.m. to 4 p.m. trading day would make it difficult and costly for grain companies to complete their end-of-day bookkeeping and back office functions.
As a result, the National Grain and Feed Association has withdrawn its letter to the CFTC which requested an additional 30-day comment period. The groups says it sees no more reason to delay the expanded hours.