WINNIPEG, Manitoba (Reuters) - InterContinentalExchange Inc’s (ICE.N) ICE Futures Canada, the world’s largest futures and options market for canola, is asking participants for input on its trading hours, Chief Operating Officer Brad Vannan said on Wednesday.
On Tuesday, CME Group Inc (CME.O) said it would shorten the trading schedule for grains and oilseeds. CME’s Chicago Board of Trade often sets the tone for canola trading at ICE Futures Canada.
Vannan said ICE Canada has asked participants to provide feedback no later than Monday. Any changes to trading hours would need approval from the Manitoba Securities Commission.
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, currently trade from 7 p.m. until 2 p.m. Central time (0100 to 2000 GMT), all electronically.
Vannan said ICE is not considering a break in the trading day. CME plans to include a 45-minute pause leading up to the start of daily trading in open-outcry pits.
CME Group intends to trim its trading hours, starting on April 8 pending regulatory approval, to address traders’ concerns that volumes have been light at certain times of the day, making it difficult to trade. Vannan said he has not heard similar concerns about ICE Canada’s hours.
Reporting by Rod Nickel; Editing by Gerald E. McCormick and Dale Hudson