UPDATE 4-ICE to study cutting soft commodities trading hours
By Marcy Nicholson
SAN FRANCISCO, March 22 (Reuters) - IntercontinentalExchange Inc will consider cutting trading hours for soft commodities in a bid to improve liquidity, president and chief operating officer of ICE Futures U.S. Ben Jackson said on Friday.
The Atlanta-based exchange will put forward a proposal to reduce hours in sugar, coffee and cocoa contracts listed on Liffe in London and ICE Futures U.S. in New York once it has completed its $8 billion acquisition of NYSE Euronext, he told delegates at the National Coffee Association USA conference.
Committees dedicated to each commodity will be responsible for making a recommendation on the hours to the exchange.
"In recognition that there are periods of time when there are very illiquid hours ... We're going to work with the (product) committees and shorten them (the hours)," Jackson said.
Speaking to reporters, Jackson said: "In most instances it's probably going to be that we shorten them. We think it's at a point and time where we should shorten the hours but we need to get input from the trade."
FIRST MOVE TO CHANGE HOURS Continued...