Chicago, Mar 6 (IANS): CME Group, the world's leading and most diverse derivatives marketplace, announced on its website Tuesday that it would cut grain and oilseed trading hours at Chicago Mercantile Exchange beginning April 8.

The reason for the change in the business working hours is not immediately known, reported Xinhua.

In accordance with a plan, the CME group will reduce the electronic and floor trading hours to about 17 hours from 21 hours, with electronic trading running from 7 p.m. to 7:45 a.m., central time, from Sunday to Friday, and the CME floor trading and CME Globex trading from 8:30 a.m. to 1:15 p.m. from Monday to Friday.

The new business schedule would allow a break in electronic trading from 7:45 a.m. to 8:30 a.m. before floor trading begins; and the daily settlements for CME Globex and floor trading of products will be based on market activity at or around 1:15 p.m. each day.

CME Group expanded the electronic and floor trading schedule from 17 hours to 21 hours in May 2012 and the market currently trades almost around the clock electronically, with a three-hour break between 3 p.m. and 6 p.m.

The new business working hour plan is being reviewed by the Commodity Futures Trading Commission.