CME Group said on Friday it was withdrawing its filing to launch a new 10-barrel crude oil futures contract, citing concerns from industry participants about potential risks from introducing round-the-clock energy trading.
Here are more details:
* The derivatives exchange operator had planned the contract as a regulated alternative to oil products that already trade around the clock, primarily for retail participants.
* CEO Terry Duffy said discussions with industry participants showed key constituents were concerned that introducing 24/7 energy trading without further due diligence could have unintended consequences and introduce additional risk into the marketplace.
* CME said it hoped the US Commodity Futures Trading Commission (CFTC) would address what it described as an uneven regulatory playing field and ensure derivatives products complied with Commodity Exchange Act standards.
(Reporting by Vedika Thorat in Bengaluru; Editing by Nia Williams)