21 August 2017
visit www.avoka.com

Traders head for the pits as Globex falls over

02 May 2003  |  3417 views  |  0 computers

The Chicago Mercantile Exchange restarted its Globex electronic trading platform at 20.45 GMT, after a five-hour outage at the height of trading Thursday forced a big shift in volume to open outcry pits.

The Chicago futures and options exchange says the failure was caused by problems with network switches that route data from trading firms to the Globex platform.

The breakdown disrupted trading in the E-Mini S&P 500 and E-Mini Nasdaq-100 futures, and also affected dealing in foreign currency futures. Stock index trading desks were forced to unwind orders being worked through the system when the breakdown occured.

The outage is the latest in a series of technical glitches to hit Globex and a huge embarrassment to the CME which has played up the benefits of electronic trading. Last week the Exchange reported that a record rise in electronic transaction volumes had contributed to a 25% revenue rise and a 40% increase in first quarter net income.

With Globex down, many firms switched orders to the CME dealing floor where the S&P 500 futures contract is still traded eyeball to eyeball in the pits.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Electronic transactions boost CME first quarter

Electronic transactions boost CME first quarter

22 April 2003  |  2251 views  |  0 comments
FIA calls for consultation on CME/Cbot clearing link

FIA calls for consultation on CME/Cbot clearing link

22 April 2003  |  3554 views  |  0 comments
Chicago Board of Trade to shift clearing to CME

Chicago Board of Trade to shift clearing to CME

17 April 2003  |  5804 views  |  0 comments
CME signs memorandum with Shanghai; reports record e-trading volumes

CME signs memorandum with Shanghai; reports record e-trading volumes

17 March 2003  |  2611 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10509 views comments | 24 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8781 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8646 views 0 | 3 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8446 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7962 views comments | 17 tweets | 16 linkedin

Featured job

Find your next job