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business1d ago
CME Futures Outage Disrupts Trading Across Global Markets
- A data-center cooling fault halted CME futures and options trading, disrupting global markets for hours.
- The outage was caused by cooling system problems at a CyrusOne data center in the Chicago area.
- Engineers restarted chillers and deployed temporary cooling equipment as they worked to resume normal operations.
- The outage affected US Treasury futures and impaired price discovery in some European and UK bond markets.
- Traders faced potential rollover issues as they considered how to manage expiring contracts.
- Liquidity shifted to alternative platforms as price discovery became harder during the outage.
- Most US markets were closed for Thanksgiving, with a shortened trading day expected after the outage.
- CME Group’s Globex platform outage underscored its broad market reach and reliance on robust infrastructure.
- Analysts noted the disruption could complicate hedging and liquidity for derivatives desks.
- The outage prompted guidance from market participants about evaluating liquidity risk during outages.
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