The Chicago Mercantile Exchange has begun “side-by-side” electronic and open outcry trading in futures on the Goldman Sachs Commodity Index. Pit trading hours have also been revised to 8.45 am to 2.0 pm central time.
As is the case with other “side-by-side” electronic and open outcry trading on CMW, the contract specifications for the CME’s GSCI futures will be identical to those traded in the open outcry market and fully fungible with the open outcry contracts, the exchange said.
The new trading hours are designed to make GSCI regular trading hours more consistent with the trading hours of its underlying commodities.
CME also announced it has started permitting block trades in GSCI futures. Block trades are privately negotiated futures or option transactions executed apart from the public auction market.
There is a minimum of 50 contracts for outright positions and 300 contracts per side for spreads, the exchange said.