CME Group Withdraws Filing for 24/7 Oil Futures Contract

CME Group withdrew its filing to launch a new 10-Barrel Crude Oil futures contract that would have enabled 24/7 trading. The company originally designed the product to provide a regulated and transparent alternative to onshore prediction markets and illegal offshore perpetuals frequently used by retail traders.

The suspension follows warnings from industry participants that introducing around-the-clock energy trading without additional due diligence could create unintended consequences and heighten marketplace risk. In response to these concerns, the company decided to halt the product launch.

Terry Duffy, Chairman and CEO of CME Group, urged the Commodity Futures Trading Commission to address existing market inequities. He called for the regulator to ensure all derivatives products comply with the Commodity Exchange Act to restore a level playing field within United States financial markets.