CME Group shelves plan to launch round-the-clock crude oil futures contract amid industry concerns

BlockBeats news, October 3: CME Group Inc. has decided to shelve its plan to launch 24/7 crude oil futures contracts after facing industry opposition.

Market participants are concerned that insufficient weekend liquidity could distort WTI crude oil pricing, and continuous trading would also increase pressure on weekend staffing, commercial hedging, and margin calls outside business hours.

CEO Terry Duffy said in a statement on Friday that after extensive communication, it was found that core market participants generally have concerns that hastily introducing round-the-clock energy trading before conducting sufficient due diligence could lead to unforeseen consequences and bring additional risks to the market. (Bloomberg)