The Commodity Futures Trading Commission has halted CME Group’s attempt to launch 24/7 trading for crude oil futures, saying the proposal requires further regulatory review before it can go live.

The decision follows comments from a senior CFTC official in June, who said the agency considered whether to reject CME’s 24/7 crude oil futures proposal amid concerns that continuous trading could intensify price swings during times of geopolitical uncertainty.

The exchange had filed to self-certify the new contract on July 8, a mechanism that would normally allow it to begin trading without prior approval from the regulator.

The CFTC intervened because it is currently examining whether continuous futures trading is suitable across various markets, including energy contracts.

The agency opened a public comment period in June to evaluate the legal, operational, and market implications of extending traditional futures trading to a 24/7 schedule and said CME should not proceed until that process is complete.

Although the commission has suspended the self-certification, it will continue reviewing CME’s parallel application submitted through the agency’s formal approval process.

Chairman Michael Selig said exchanges should work with regulators on novel products before attempting to bring them to market, adding that any decision on 24/7 trading must ensure compliance with existing commodities laws and market safeguards.