The Commodity Futures Trading Commission has approved CME Group Inc.'s (CME) proposal to expand electronic grain futures trading to 21 hours per day, up from the current 17-hour schedule, the exchange announced Friday.

CME submitted the request Thursday, replacing a prior request for a 22-hour trading day that the exchange withdrew amid opposition.

In its new request Thursday, CME asked the CFTC to waive a waiting period of 10 business days that it typically requires before such changes can take effect.

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The expanded hours will begin Sunday at 6 p.m. EDT. The 21-hour schedule will last through Friday each week, with electronic trading stopping only between 3 p.m. and 6 p.m. each day.

The market's existing schedule, which ends Friday, has halted trading from 8:15 a.m. to 10:30 a.m., and again from 2:15 p.m. to 7 p.m. EDT.

The changes apply to CME's futures contracts for corn, wheat and soybeans, as well as wheat futures traded at the Kansas City Board of Trade and Minneapolis Grain Exchange.

Settlement times will remain unchanged at 2:15 p.m. EDT each day, CME said.

Some opponents of the plan, including farm groups, had called on the CFTC to implement a 30-day public comment period before allowing the expanded hours.

-By Ian Berry, Dow Jones Newswires; 312-750-4072; ian.berry@dowjones.com
(END) Dow Jones Newswires
May 18, 2012 13:15 ET (17:15 GMT)
DJ CFTC Approves Expanded Grain Trading Hours Starting Sunday Night->copyright