January 29, 2013 / 8:36 PM / in 5 years

CME Group will reduce nearly non-stop grain trading cycle

CHICAGO, Jan 29 (Reuters) - CME Group said on Tuesday it will reduce the nearly non-stop trading cycle for its U.S. grain and oilseed markets after a backlash against longer hours that were implemented less than a year ago.

CME, which owns the Chicago Board of Trade, said it had not yet determined what the new hours will be.

The exchange operator increased electronic trading hours to 21 hours a day from 17 hours a day in May to fend off competition from rival IntercontinentalExchange.

CME launched a survey last week asking customers whether trading hours should be reduced. It decided to reduce hours before the survey period ends on Thursday.

The shorter hours will need approval from the Commodity Futures Trading Commission.

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