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CME delays open outcry closure to July 6

CME delays open outcry closure to July 6
CME says technical revision requires closure to be pushed back four days from July 2 to July 6

Due to a technical revision to its filing with the CFTC, CME Group said Tuesday that it will delay the closing of its futures pits in Chicago and New York to July 6.

Related: CME Launches Educational Website On Futures Markets

 Previously scheduled to take place on Thursday, July 2, the new date of July 6 is pending expiration of CFTC review periods.

During its review, the CFTC could further delay the closure for up to 90 days, CME said.

The decision to close open outcry futures trading was originally announced in February after floor volumes had fallen to just 1% of the company's total futures volume.

Traders signal offers in the corn options pit at the Chicago Board of Trade on February 11, 2011, in Chicago, Ill. (Photo by Scott Olson/Getty Images)

The floor-based S&P 500 futures market, which continues to provide an important venue for trading the underlying futures contract for the open outcry S&P 500 options on futures contract, will remain open on CME Group's Chicago trading floor. 

The delay to July 6 will not impact plans to locate all options pits in Chicago on a single floor in the company's Financial Room by September.

Continued reading: CME Group to offer 'trading at settlement' for ag futures

Source: CME

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