U.S. CFTC Temporarily Halts CME Crude Oil Futures 24/7 Trading Contract Listing

CoinFeed July 10 news, the U.S. Commodity Futures Trading Commission (CFTC) announced that it will exercise its authority to suspend the listing of the Chicago Mercantile Exchange (CME) 24/7 crude oil futures contract, which was originally scheduled to launch as early as tomorrow. On June 22, the CFTC had already solicited public comments on the expansion of such contracts, and the comment period has not yet ended, but CME still sought self-certification on July 8. CFTC Chairman Michael S. Selig stated that the CFTC is reviewing whether 24/7 trading complies with statutory core principles, taking a "non-one-size-fits-all" approach to 24/7 trading, and that CME's disregard for the Commission's efforts to conduct a reasonable analysis is "completely improper." Exchanges may list contracts through either self-certification or seeking Commission review; CME submitted both types of applications.