WASHINGTON (dpa-AFX) - The U.S. Commodity Futures Trading Commission (CFTC) has temporarily blocked the Chicago Mercantile Exchange (CME) from launching around-the-clock trading for crude oil futures, which was set to begin as early as July 10.
The decision comes as the regulator continues to review whether 24/7 futures trading aligns with the Commodity Exchange Act and existing regulations. CFTC Chairman Michael S. Selig said CME's move to self-certify the contract while a public consultation is still underway was premature.
The Commission will instead conduct a full review before deciding whether the proposed contract meets all legal and regulatory requirements.
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