ICE Futures U.S. plans to consider starting trading earlier for raw-sugar futures after a committee voted to approve the move.
The proposal to begin trading at 2:30 a.m. New York time during daylight savings time and 1:30 a.m. the rest of the year was approved 14-5 by the committee, according to an ICE e-mail dated yesterday obtained by Bloomberg News. The recommendation will be reviewed by the ICE board this week.
Trading for the sugar no. 11 contract, a global benchmark, currently starts at 3:30 a.m. and runs until 2 p.m. ICE Futures is part of IntercontinentalExchange Inc. (ICE), based in Atlanta. The company’s electronic exchanges also offer energy contracts and futures in coffee, cocoa, cotton and orange juice. Sugar also trades on rival exchanges in London and China
Extending sugar hours “has significant implications for all market participants,” Tim Barry, a vice president of product development, said in the e-mail. The committee’s approval came “on the basis of what is in the best interest of the contract versus more narrow concerns about the potential effect of an earlier open time on individual circumstances,” he said.
CME Group Inc. is the largest U.S. futures exchange, followed by IntercontinentalExchange. ICE also offers trading in sugar no. 16 for U.S. supplies.
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