CME seeks quick ruling
CME Group Inc. (CME) is seeking to implement expanded grain trading hours as soon as possible, bypassing a 10-day waiting period typically required by the Commodity Futures Trading Commission.
A CME spokesman confirmed that, in addition to notifying the CFTC of its plan Thursday to implement a 21-hour trading day for grain futures, the exchange also filed a separate request asking the CFTC to expedite its proposal. If that request is approved, the CME could potentially implement the expanded hours as soon as Sunday night, sources said.
CFTC rules typically require a waiting period of 10 business days before the exchange could enact such changes to existing products. A spokesman said the CFTC hadn't yet ruled on the request to bypass that waiting period.
If the 10-day waiting-period requirement isn't lifted, CME would have to wait until the June 4 trading day to enact the changes.
Earlier this month, CME had notified the CFTC of its plan to expand grains trading to 22 hours per day starting Sunday night, but it withdrew that request Wednesday amid opposition.
CME's grain futures currently trade 17 hours per day.
-By Ian Berry, Dow Jones Newswires; 312-750-4072; firstname.lastname@example.org
(END) Dow Jones Newswires
May 17, 2012 13:39 ET (17:39 GMT)