Time management concept. Composition with documents, stationary and alarm clock on table

U.S. derivatives exchange CME Group is pushing back on the idea of shortening trading hours to combat market volatility.

The Chicago-based firm’s chairman and CEO, Terry Duffy, issued a statement on talk of possibly reducing the trading day to address high volatility amid the Covid-19 outbreak.

“Shorter hours make no sense,” Duffy said. “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.”

Duffy also argued that since markets are global, reducing U.S. trading hours wouldn’t decrease volatility.

“Rather, it could actually increase as investors turn to other venues outside the U.S. when developments occur,” he said.

CME Group noted that it has suggested other steps to address heightened volatility, including adjustments to market circuit breakers, and requiring ETFs to adhere to circuit-breaker rules.