CME Group Slams Possibility of Shortened Trading Hours
Treasury Secretary Steven Mnuchin's idea to possibly reduce securities market trading hours is not being taken well by a major company in that segment. After Mnuchin expressed his thoughts on the matter Tuesday, market operator CME Group (NASDAQ: CME) criticized the remarks in no uncertain terms.
"Shorter hours make no sense," the company said bluntly in an official statement. "Financial markets are critical to managing risk and ensuring the resilience of the U.S. and global economies. Therefore, they must remain open, especially during this unprecedented crisis when news, information and events are changing at such a rapid pace."
The company went on to say that since securities markets span the globe, cutting only U.S. trading hours would not reduce volatility. Quite the opposite, according to CME Group -- volatility could rise as investors seek other markets in which to trade.
Source Fool.com
