CME Group announced plans to introduce gold and WTI crude oil futures products designed for trading 24 hours a day, seven days a week, in response to global investor demand for around-the-clock markets. The planned products focus on two major commodities: WTI crude oil and gold.
According to the announced timetable, CME Group plans to launch a micro WTI crude oil futures contract on August 30. The contract will be one-tenth the size of the existing WTI crude oil futures contract. It is scheduled to be listed on the New York Mercantile Exchange, or NYMEX, and will use cash settlement. The product remains subject to regulatory approval.
For gold, the 1-ounce gold futures contract is planned to begin supporting 24/7 trading on July 26. The contract will be listed on COMEX, the gold market under the New York Mercantile Exchange, and will also be cash settled. This arrangement is likewise subject to regulatory approval. The information was reported by Bloomberg.