PETITION TO CHANGE CME/CBOT GRAIN MARKET TRADING HOURS
Many of the undersigned were signers of the petition last May, objecting to the expansion of CBOT grain market trading hours [http://www.ipetitions.com/petition/preservethefutures]. That petition gathered 500 signatures, including representatives of significant commercial grain firms and large traders and trading firms.
At the time, we stated our view that the hours expansion would fragment liquidity, and the unique, compressed and deep liquidity the CBOT markets enjoyed under the old hours regime would be replaced by less liquid markets with more frequent order vacuums. We think time has proved that assessment correct.
We also objected to the pernicious notion of trading through USDA reports. No true economic purpose is served by giving computer order-generating word scanners a few millisecond lead time over commercial users who act on fundamental analysis following careful review of all the data. We don’t care about other commodity futures markets being open during reports. In the grain markets, we think experience has proved our negative view to be correct.
We pledged to boycott the ICE grain contracts – on practical grounds that a bifurcated market is detrimental to liquidity, and on business grounds that ICE’s move forced CME, and thereby our industry, into a new hours schedule with negative consequences for market quality and for market participants personal lives. We have honored the boycott pledge.
We are now requesting that you revise and reduce of trading hours, as follows (all hours based on Chicago daylight savings time):
• Sunday start time back to 6 PM
• 2 hour morning break from 6:30 AM to 8:30 AM
• Close at 1:30 PM Monday to Thursday
• Close at 1:00 PM Friday
• All signers pledge to continue to boycott ICE
The signers here represent many of the largest, most active customers in the CBOT grain contracts. We are the biggest and best customers you have. We can’t force you to do what is right, but if you respect your customer base, you should honor this request.
Updates
Reached 500 supporters
September 27, 2012
September 26, 2012
The suits at CME Group are still pretending that their disastrous trading hours aren't killing liquidity in the grain markets. We know the truth because we are the ones living with these order vacuums every single day. They think if they ignore us long enough we will just go away but they are dead wrong.
Reached 100 supporters
September 25, 2012
6 Comments
Tired of the overnight fragmentation. Just go back to the way it was before we all lose more money.
THE HOURS ARE KILLING THE MARKET QUALITY. GET IT TOGETHER CME.
Enough with the computers taking over everything. It was better when people actually had time to look at the reports.
The liquidity is absolute garbage lately. Too many gaps and order vacuums. Give us our old hours back.
Trading through reports is insane. It just favors the high frequency guys while the rest of us get left behind.
Sign Petition
We never post to your account. Social sign-in is used only to verify your signature.
Add a comment?
Your signature will be added via . Tell others why you're signing — it's optional.
By signing, you accept iPetitions Terms of Service and Privacy Policy.
Share Petition
Don't stop at signing, share the petition link with friends to multiply our impact
Copy link or share directly
PETITION TO CHANGE CME/CBOT GRAIN MARKET TRADING HOURS
Many of the undersigned were signers of the petition last May, objecting to the expansion of CBOT grain market trading hours [http://www.ipetitions.com/petition/preservethefutures]. That petition gathered 500 signatures, including representatives of significant commercial grain firms and large traders and trading firms.
At the time, we stated our view that the hours expansion would fragment liquidity, and the unique, compressed and deep liquidity the CBOT markets enjoyed under the old hours regime would be replaced by less liquid markets with more frequent order vacuums. We think time has proved that assessment correct.
We also objected to the pernicious notion of trading through USDA reports. No true economic purpose is served by giving computer order-generating word scanners a few millisecond lead time over commercial users who act on fundamental analysis following careful review of all the data. We don’t care about other commodity futures markets being open during reports. In the grain markets, we think experience has proved our negative view to be correct.
We pledged to boycott the ICE grain contracts – on practical grounds that a bifurcated market is detrimental to liquidity, and on business grounds that ICE’s move forced CME, and thereby our industry, into a new hours schedule with negative consequences for market quality and for market participants personal lives. We have honored the boycott pledge.
We are now requesting that you revise and reduce of trading hours, as follows (all hours based on Chicago daylight savings time):
• Sunday start time back to 6 PM
• 2 hour morning break from 6:30 AM to 8:30 AM
• Close at 1:30 PM Monday to Thursday
• Close at 1:00 PM Friday
• All signers pledge to continue to boycott ICE
The signers here represent many of the largest, most active customers in the CBOT grain contracts. We are the biggest and best customers you have. We can’t force you to do what is right, but if you respect your customer base, you should honor this request.
Updates
Reached 500 supporters
September 27, 2012
September 26, 2012
The suits at CME Group are still pretending that their disastrous trading hours aren't killing liquidity in the grain markets. We know the truth because we are the ones living with these order vacuums every single day. They think if they ignore us long enough we will just go away but they are dead wrong.
Reached 100 supporters
September 25, 2012
6 Comments
Bring back the old schedule. Nobody asked for this 24 hour nonsense and it helps nobody who actually farms.
Tired of the overnight fragmentation. Just go back to the way it was before we all lose more money.
THE HOURS ARE KILLING THE MARKET QUALITY. GET IT TOGETHER CME.
Enough with the computers taking over everything. It was better when people actually had time to look at the reports.
The liquidity is absolute garbage lately. Too many gaps and order vacuums. Give us our old hours back.
Trading through reports is insane. It just favors the high frequency guys while the rest of us get left behind.
Help this petition grow
Share it with friends to help reach 750 signatures.
Sign Petition
We never post to your account. Social sign-in is used only to verify your signature.
Add a comment?
Your signature will be added via .
Tell others why you're signing — it's optional.
Signing with Google or Facebook verifies your signature instantly — no email needed.
By signing, you accept iPetitions Terms of Service and Privacy Policy.
Share Petition
Don't stop at signing, share the petition link with friends to multiply our impact
Petitions like this
Other petitions you might want to support
Scan to share
Anyone who scans this can sign the petition.
Bring back the old schedule. Nobody asked for this 24 hour nonsense and it helps nobody who actually farms.