Early Report Day trading approved
CME Group Inc. (CME) has received formal approval to start open outcry trading early Tuesday ahead of a government crop report.
Open outcry trading will start at 7:20 a.m. CDT, instead of 9:30 a.m., which will remain the standard start time for most days. The U.S. Department of Agriculture is scheduled to release its monthly supply and demand crop report Tuesday at 7:30 a.m. CDT. CME will also start open outcry trading early on several other crop report days through the end of the calendar year.
The exchange's request was subject to a 10-day waiting period by the Commodity Futures Trading Commission. The waiting period ended Friday, and the CFTC listed the request as "certified" on its website.
The change follows the exchange's expansion of electronic trading hours, which means the market will be trading as the report is released for the first time. Floor traders said their business would be hurt if only the electronic trading platform is open when USDA reports are released.
The USDA is currently weighing whether to change the release times for the crop reports, and is soliciting public comments on the matter.
Write to Ian Berry at email@example.com
(END) Dow Jones Newswires
June 11, 2012 12:21 ET (16:21 GMT)