CME Restarts Most Trading Operations After Outage

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00:00Well, the CME has restarted most of its trading after an outage left investors in the dark.

00:04And most of this morning joining us now is Bloomberg's Adam Linton in London.

00:10Adam, do we have any better understanding of what happened here?

00:15No, still nothing really too much clear that we've kind of seen.

00:18There's clearly been some sort of cooling issue.

00:20And as I kind of mentioned earlier, I do kind of have a suspicion

00:23that maybe skeletal staffing levels due to the Thanksgiving holiday

00:26could have potentially played a role.

00:27But ultimately, let's hope the CME tightens up their practices

00:30with their data center operators and we don't get a repeat of an occurrence like this.

00:36Yeah, Adam, I mean, it's quite dangerous to have this going on no matter what time of the day, right?

00:39We spoke to some traders and one said that some market participants

00:43will take advantage of possible difference in prices,

00:45but the majority might pause trading for risk reasons.

00:48Another talked about month-end flows and options expiry today.

00:52Will it have had a big impact? Will people have lost and made money on this?

00:56I mean, it's hard to tell.

00:57Well, we'll probably see more stories about this in the coming days.

01:00But in terms of my kind of vantage point, in Europe, we saw a bit of a widening

01:04in some of the FX spreads, which is pretty unusual.

01:07Fortunately, due to Europe's deep pools of liquidity,

01:09they didn't really get too much out of hand.

01:11I'm sure there's a lot of frustration caused for traders.

01:14But ultimately, you know, we've kind of got through this.

01:17There's not really been a market kind of contagion story here.

01:20As you mentioned, U.S. futures, they're a bit higher.

01:22Treasuries are steady.

01:24Of course, I think the reason why there's been such an issue for many participants

01:26is, you know, you've got kind of this in between Thanksgiving and weekend period.

01:30It's low liquidity.

01:31And, you know, it's a very dangerous time for this to happen in the market.