Wall Street is waking up to an outage at a key exchange that has disrupted trading across equities, foreign exchange, bonds and commodities.
Trading of futures and options on the Chicago Mercantile Exchange was down for several hours on Friday and yet to start at the time of publishing this newsletter.
The malfunction is already longer than a similar, hours-long outage due to a technical error back in 2019 and underscores the reach of CME Group and its Globex electronic trading platform.
Millions of contracts tracking the S&P 500, Dow Jones Industrial Average and Nasdaq 100 trade every weekday virtually around the clock on the CME, one of the world’s largest derivatives exchanges. In October, its average day volume of contracts hit 26.3 million.
There was widespread frustration as market participants contemplated the prospect of a lost trading session.