The blizzard has delayed the opening of Chicago floor trading at the CME Group Inc. until 10 a.m., the exchange operator said, citing poor travel conditions.
Electronic trading and trading on the ClearPort platform are unaffected, CME Group said.
Open outcry trading on the floor of the world’s largest future exchange normally runs from 7:20 a.m. for its key financial contracts and from 9:30 a.m for the largest agricultural products such as corn, according to Dow Jones.
The AG floor was ready to trade – Floor traders made arrangements to be there for the 930 open. Some staying overnight in nearby hotels. CME made a poor judgment call by delaying the Ags.
Would they do the same if the Internet was disrupted? Would they allow the pits to open at 9:30 and delay the screen? I would hope so – after all its a global product that needs to be punctual – quote from CME staffer when traders questioned the suspicious maneuver by the CME.