CME Group Halts Trading In All Markets Due To Exchange Malfunction [Bitcoin Never Halts]

CME Group Halts Trading In All Markets Due To Trading Malfunction

The world’s biggest exchange operator has encountered a technical error that forced CME Group Inc. to halt its tradings for about three hours, preventing the buying and selling for contracts involving commodities, stock futures, and US Treasuries.

The technical issues affected a number of markets from metals, eurodollars to crude oil, natural gas, and grains. CME Group halted the trades from around 6:40 p.m. Central Time on Tuesday further reporting,

“CME Group has identified the technical issue and is working to resolve it. When the iLink gateways are restarted they will be in the normal primary/backup configuration. We will publish the pre-open and opening times shortly.”

The markets were reopened at 9:25 p.m Central Time, according to the statement from the course.

“This is so annoying for our clients. There are some people who make arbitrage trades in after-hours trading. This poses a risk of hurting investor sentiment,” said Hiroaki Kuramochi, the global sales trader and chief market analyst at Saxo Bank Securities in Tokyo.

Futures contracts on the US Treasury yields and S&P 500 Index weren’t much changed after the open. Meanwhile, Bursa Malaysia also registered a trading halt as it uses CME Globes as its electronic trading platform for global benchmark palm oil futures. However, for the markets that were open, they saw faint price moves as Brent crude added 0.7 percent while MSCI Asia Pacific Index of stocks was up 0.2 percent.

Given the fact that millions of contracts tracking the Nasdaq 100, S&P 500, and Dow Jones Industrial Average trade round the clock on CME, even three hours affect the market tremendously.

“Having so much at stake, it is frustrating to see such glitches,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental in Mumbai, “and if it happened on a market moving day, then all hell would break loose.”

Back in January, BrokerTec which is owned by CME and is the biggest electronic trading platform for Treasury securities shut down for over an hour due to a technical malfunction that traders said caused a market-wide slowdown.

This got the users’ talking as one said, “Market turns red and ironically futures are halted. The timing is perfectly executed. Manipulation at its finest.”

While another one commented, “Considering the outrageous fees you people charge, you'd think you could afford 100% uptime.”

And another one, “Just stay closed the sell buttons need a break,” and “they never halt on an uptick.”


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