WINNIPEG (Reuters) — ICE Futures Canada, the world’s largest futures and options market for canola, is asking participants for input on its trading hours.
ICE’s competitor, CME Group Inc., announced March 5 that it would shorten its trading schedule for grains and oilseeds handled by its subsidiary Chicago Board of Trade.
Soybean and soy oil trade at the CBOT often sets the tone for canola trading at ICE Futures Canada.
ICE Canada chief operating officer Brad Vannan said any changes to trading hours at the Winnipeg exchange would need approval from the Manitoba Securities Commission.
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Vannan declined to say how soon potential changes could be in place.
ICE Canada’s canola contract and seldom-traded milling wheat, durum and barley contracts now trade from 7 p.m. until 2 p.m. Central time, all electronically.
CBOT, which last year moved to 21 hours of electronic trading to compete with expanded hours at the InterContinental Exchange, now plans to scale back to 17½ hours because traders complained that volumes have been light at certain times of the day, making it difficult to trade.
The CME proposal, to begin April 8 pending regulatory approval, will see CBOT and Kansas City Board of Trade electronic trade open at 7 p.m. and run through the night to 7:45 a.m. It would pause for 45 minutes and then electronic and pit trade would run from 8:30 a.m. until the 1:15 p.m. settlement.
The Minneapolis Grain Exchange said it would roughly follow the CBOT’s new hours.
