CME Group(US:CME) Di Yi Cai Jing·2025-11-29 00:32Group 1 - The Chicago Mercantile Exchange (CME) experienced a significant system failure, halting trading across global forex, commodities, and stock futures markets for nearly 11 hours, marking the longest outage in recent years [2][4] - The outage was caused by a cooling system issue at the CyrusOne data center in Chicago, affecting major brokers like Saxo Bank, XTB, and eToro, which suspended trading services [3][4] - Following the resumption of trading, silver prices surged to a historic high, raising speculation about the potential impact on the market, particularly regarding the dual industrial and financial nature of silver [2][6] Group 2 - CME's average daily trading volume for derivatives reached 26.3 million contracts in October, highlighting the exchange's significant role in the financial market [5] - The interruption in futures trading led to increased speculation among silver investors, particularly as the outage coincided with silver futures reaching over $54 per ounce shortly before the failure [6][8] - The silver market is currently under pressure due to low inventory levels, with Shanghai Futures Exchange silver stocks dropping to their lowest since 2015, and record-high exports from China exacerbating supply concerns [9][11] Group 3 - The market's reaction to the outage included a dramatic widening of bid-ask spreads, indicating extreme volatility and liquidity issues, with spreads increasing from around $1 to over $20 per ounce [6][7] - The potential for significant market movements remains, as the silver market is influenced by both industrial demand and geopolitical factors, including concerns over potential tariffs from the U.S. government [11][12] - Historical context shows that trading outages are not uncommon in major exchanges, with several incidents in recent years affecting trading operations and investor confidence [13]