Terry Duffy, CEO of the Chicago Mercantile Exchange Group, said that the company shelved the proposed all-weather crude oil futures contract, mainly because commercial customers are unwilling to schedule trading desk personnel to be on duty on weekends; at the same time, he warned that the lack of such markets is forcing trading participants to switch to illegal offshore trading platforms. “Commercial traders want to ensure that large contracts are closed as they wish, and we support that. They don't want to add another trading desk for this,” Duffy said. “We understand that moving any product to a 24/7 trading model will incur costs.” The world's leading derivatives exchange cancelled its planned launch of the contract earlier this month after the US Commodity Futures Trading Commission blocked its application to launch the futures contract in July.

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