Chairman and CEO Terry Duffy stated that the exchange originally sought to provide a regulated, transparent alternative to existing offshore products that remain accessible to U.S. participants through virtual private networks. While these venues currently cater to retail traders, CME Group aimed to offer a safer, CFTC-supervised environment for similar activity. After consulting with key industry constituents, the firm concluded that the market is not yet prepared for 24/7 energy trading without further due diligence.
The exchange has officially withdrawn its filing with the Commodity Futures Trading Commission. Duffy emphasized that the firm now expects the regulator to address current market inequities, specifically calling for a level playing field where all derivatives products strictly adhere to the standards mandated by the Commodity Exchange Act.
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