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CME Data Center Outage Affects Trillion-Dollar Contracts
BlockBeats News, November 28th, CME Group's futures and options trading was halted due to a data center outage, impacting a market involving trillions of dollars' worth of contracts, including S&P 500 index futures, U.S. Treasuries, crude oil, gasoline, and palm oil. The forex platform EBS resumed service at noon London time after being down for several hours.
In Singapore, an oil trader remarked that CME is a key part of the global market mechanism. Gerald Gan, Deputy CIO of Singapore's Reed Capital Partners, described the outage as "very frustrating," noting that alternative platforms may not have as much liquidity as CME. Amelie Derambure, a portfolio manager at Amundi SA, remarked that luckily Friday was a quiet trading day; otherwise, it would have been a "quite significant obstacle."
The outage occurred on the day after Thanksgiving, a half-day trading session in the U.S. Emmanuel Valavanis, a stock sales specialist at Forte Securities in London, stated that it's terrible for this to happen on the last trading day of the month and year-end, impacting trillions of dollars in transactions. This outage has surpassed the hours-long outage in 2019 caused by a technical glitch. (Bloomberg)
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