Chicago Mercantile Exchange (CME) is to extend trading hours
on its Globex platform beginning 29 September, a move which
raises further questions over the future of CME's mutual offset
agreement with Singapore Exchange (SGX).
CME said Globex will be open 23 hours continuously per day
by changing the time it closes Globex for maintenance to
between 4pm and 5pm, which coincides with the close of the
interest rate and index markets. The extended trading schedule
will add an extra 45 minutes per day of trading to
CME's index contracts and weather futures. Interest rate
contracts, including its Eurodollar futures, will be open for
an extra 30 minutes.
The move comes on the back of cuts in Globex trading fees
and the introduction of a market making scheme outside pit
hours. These initiatives added to mounting speculation over
whether the mutual offset agreement, which currently provides
Asian time zone coverage for Eurodollars, will be renewed when
it expires in October this year (see FO Week Vol 8 No
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