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CME trading outage sparks trader outrage and manipulation claims
The Chicago Mercantile Exchange Halts Trading, Sparking Public Outcry, Derivatives and Commodities Trader Criticism, and Accusations of Manipulation
The Chicago Mercantile Exchange (CME), the world’s largest derivatives exchange, suspended trading for roughly 10 hours from Thursday to Friday, triggering protests from traders before services were restored.
According to a statement from CME, trading was halted due to “cooling issues” at the CyrusOne data center in Illinois, USA. CME said in an update that trading was fully restored and resumed across all markets at 13:30 UTC on Friday.
Meanwhile, traders expressed frustration over the critical outage, which locked some users’ positions, prevented others from opening new trades, and disrupted price discovery.
“The biggest derivatives market in the world was offline for 5.5 hours. Gold and silver, by pure coincidence, hit sell-off peaks during a low-liquidity holiday week. CME has 55 data centers worldwide. For some reason, they have no redundancy: one center with cooling issues means trillions frozen,” trader Timothy Bozman wrote on X.
Another trader accused CME of attempted market manipulation, noting that the outage occurred exactly during the Thanksgiving holiday in Asia, when trading volume is already low.
Holiday break raises further questions
The negative reaction continued even after the issue was resolved. Many pointed out that trading stopped just minutes before silver futures were about to reach a historic high of $54, fueling further speculation.
CME does not publish regular trading data for Thanksgiving Day, which fell on Thursday this year. However, according to TradingView data, Bitcoin futures closed at $90,355 on Wednesday and opened at $90,940 on Friday.
Bitcoin futures continued rising on Friday, surpassing $93,000 at the time of writing, as BTC rebounds from a local low of $80,522.
As we wrote, CME Group unveils XRP and SOL futures with spot pricing
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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