“醒来以为Wi-Fi断了”：芝商所约10小时故障致全球交易员陷入混乱

Core Insights - CME experienced a technical failure that disrupted trading for approximately 10 hours, affecting multiple financial markets in Asia and Europe [1][2] - The Globex futures and options market, which accounts for 90% of CME's trading volume, resumed operations at 8:30 AM ET [1] - Despite the resumption, trading volumes remained low, particularly in Treasury futures and options linked to overnight financing rates [1] Group 1: Market Impact - Concerns arose regarding month-end operations due to the CME outage, but Treasury futures successfully opened at 8:30 AM ET [1] - The anticipated rebalancing was expected to bring about $6 billion inflow into equities, yet the stock market remained stable [1] - The technical issues led to wider bid-ask spreads in Treasury futures, with 20-year futures showing a 11 tick spread and 30-year futures a 7 tick spread [1] Group 2: Market Sentiment and Predictions - Bloomberg's WIRP data indicated a significant deviation in the pricing of December rate cuts, with OIS and Eurodollar futures showing probabilities of -88% and -83% respectively [2] - Despite the market's recovery, there was no observed corresponding trading flow, leaving the reasons for the discrepancies unclear [2] - The outage duration was three times longer than a similar incident in 2019, highlighting the critical role of CME and its Globex electronic trading platform [2]