CME Group Suspends Launch of 24/7 Oil Contract Amid Industry Concerns

CME Group has put its plans to launch a new 10-barrel crude oil futures contract on hold, citing concerns from industry participants about introducing additional market risk.

The contract was designed for around-the-clock trading within U.S. jurisdiction and CFTC oversight.

In a statement, Terry Duffy, Chairman and Chief Executive of CME Group, said that the company had hoped to provide a safer, more transparent alternative to 24/7 oil contracts traded on other venues.

However, after extensive conversations with industry participants, CME Group determined that key constituents were concerned about introducing 24/7 trading in energy without further due diligence.