Chicago Mercantile Exchange readies round-the-clock grains trade
Source: Reuters
CME Group Inc will extend trading hours for its hallmark grain contracts, two sources close to the matter said on Monday, as the Chicago exchange moves to defend its turf against rival ICE's bid for nearly round-the-clock transactions.
The board of the CME, which has a stranglehold on grains trading through the Chicago Board of Trade, the world's largest grain exchange that it acquired in 2007, has agreed to extend trading hours, but has not decided on how many hours to add to its trading day or when to implement them, the sources said.
... Expanded trading hours could give an extra advantage to large, speculative traders who have instant access to USDA data and the available capital to immediately trade on it, said Alan Brugler, president of Brugler Marketing & Management.
... "Also, how many afternoons have we seen any market-moving news that had people saying 'I wish the market was open now'," the analyst said, adding that monthly USDA livestock reports hardly ever affect the grains markets.
Read more: http://finance.yahoo.com/news/exclusive-cme-readies-round-clock-235424566.html
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yay!
