CME Group(US:CME) 智通财经网·2025-11-28 12:54Core Viewpoint - The Chicago Mercantile Exchange (CME) experienced a significant system outage that halted trading across various markets, affecting contracts worth trillions of dollars, highlighting its critical role in global financial infrastructure [1][2]. Group 1: Incident Overview - The CME's trading of futures and options was completely suspended due to a data center failure, impacting a wide range of assets including S&P 500 futures, foreign exchange, U.S. Treasury bonds, and various commodities [1]. - The outage occurred on a day when trading was already expected to be light due to the Thanksgiving holiday, exacerbating the situation for traders who rely on CME for liquidity [4]. Group 2: Market Reactions - Traders expressed frustration over the inability to execute trades, with some seeking alternative channels to maintain operations, although liquidity was significantly lower than that provided by CME [1][4]. - The incident has raised concerns about the reliability of exchanges and data center operators, as similar outages have occurred at other exchanges in recent years, indicating a growing risk in the global pricing system [2]. Group 3: Impact on Trading Activities - The outage coincided with the monthly expiration of gasoline and diesel futures, which could involve physical delivery, complicating the situation for oil brokers [3]. - Cash bond trading was intermittently affected, leading to reduced hedging capabilities for traders, although some alternative hedging tools saw increased activity in the London market [4]. Group 4: Broader Implications - The freezing of trades worth trillions of dollars during a critical year-end period poses significant risks for mutual funds and other market participants [4]. - Investors, already cautious due to low liquidity, opted to stay on the sidelines amid the system disruption, further highlighting the vulnerability of trading operations during such outages [4].