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...