UPDATE 1-CME Globex ag futures trade resumes after 2-hr halt
(Updates with details)
CHICAGO Jan 26 (Reuters) - Electronic trading of several futures contracts at the Chicago Mercantile Exchange, including live cattle and hogs, was halted for nearly two hours on Monday due to technical problems, but trade has since resumed.
Trading of live cattle and dry whey futures on the CME Group's (CME.O) Globex platform at the world's largest derivatives exchange in downtown Chicago came to a standstill at 9:09 a.m. CST (1509 GMT), within minutes after business opened for the week.
The exchange said the contracts would resume trading at 9.40 a.m. CST (1540 GMT), but they did so only briefly as more technical problems brought them to a halt.
At that time the contracts affected had expanded to lean hogs, pork bellies, feeder cattle and cash-settled butter futures.
Trade in all contracts resumed by 10:55 a.m. CST (1655 GMT).
Business at the CME Group-owned Chicago Board of Trade, the world's largest grain exchange, was not affected.
But even as Globex trading in these futures markets were halted, it proved to be no boost for pit traders.
"It hadn't changed trade that much. But I have more former customers calling in," Peter Adams, principal at PNM Trading, in an apparent reference to his clients who had turned to screen trades.
On whether days like this underlined the need for the CME to retain pit trading despite the growing interest of investors in doing business on the electronic platform, CME spokeswoman Mary Haffenberg said:
"We have been very consistent in saying that we offer our customers a choice (between electronic and open-outcry trade). As long as customers continue to choose the two venues, we will continue to offer them the choice." (Reporting by Jerry Bieszk, Bob Burgdorfer, and Karl Plume; Writing by K.T. Arasu; Editing by Christian Wiessner)
- Tweet this
- Share this
- Digg this