The two largest U.S. grain-trading associations asked the Commodity Futures Trading Commission to delay the start of expanded trading hours for grain contracts at the CME Group Inc. and the IntercontinentalExchange Inc. (ICE:US)
The National Grain and Feed Association and the North American Export Grain Association said in a joint statement that the two exchanges provided “inadequate advance consideration” of their plan to expand trading to 22 hours a day, compared with 17 hours now.
The impact of the longer trading day on market participants justifies intervention by U.S. regulators in delaying the change and imposing a 30-day public comment period to “provide time to assess” the issues, the groups said.
To contact the reporter on this story: Jeff Wilson in Chicago at Jwilson29@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at email@example.com