Chicago – October 02, 2026 -- CME Group has withdrawn its regulatory filing to launch a 10-Barrel Crude Oil futures contract designed for round-the-clock trading, citing unresolved concerns from industry participants over unintended market risk.
CME Group abandons bid to counter unregulated 24/7 oil trading venues
The exchange operator had proposed the small-denomination contract as a transparent, CFTC-regulated alternative to 24/7 energy products already trading on other platforms, including onshore prediction markets and offshore perpetual futures. CME Group Chairman and CEO Terry Duffy said these existing products target retail participants and operate around the clock despite offshore perpetuals being illegal for U.S. participants, who nonetheless access them via virtual private networks.
Industry pushback cites risk of unintended consequences from round-the-clock energy trading
Duffy said extensive conversations with industry participants revealed concern that introducing 24/7 trading in energy markets without further due diligence could create unintended consequences and additional risk. CME Group concluded it would withdraw the filing "at this time" rather than proceed without broader consensus.
CME Group calls on CFTC to close regulatory gap favoring offshore and unregulated platforms
Duffy urged the Commodity Futures Trading Commission to address what he termed an inequity between regulated U.S. derivatives exchanges and the unregulated 24/7 venues already operating in the market. He called for the agency to reestablish a level playing field and ensure all derivatives products meet the standards required under the core principles of the Commodity Exchange Act.
The withdrawal halts, for now, CME Group's effort to compete directly with the emerging 24/7 oil trading format gaining traction among retail participants outside traditional regulatory oversight.