CME Exchange Reports "Widespread Technical Problem"

Update: according to a bulletin update from the CME, the ECBOT, Globex and Nymex are once again available for trading.

However some traders continue to report intermittent problems with order execution and clearing, and are getting notices such as this one:

"We are aware of a technical issue in which multiple Market Segment Gateways failed over. Support is investigating."

More as we see it.

* * *

We may have found the reason for the sharp selloff in commodities, and the leg lower in the ES this afternoon: it appears that the CME is experiencing major issues, in some reported cases not accepting buy orders.

Initially, the CME advised traders it was experiencing a segment gateway error, advising that it was "investigating" without providing further information.

Then, the CME acknowledged an issue with both Market Segment and Convenience order routing gateways, adding that this is across all datafeeds and trading platforms.

Then, moments ago, the CME issued the following statement:

Exchange Connection Problems Escalated.

Critical error message from Customer Service. Expires at; 2018 07 11-19:26:46:417

The Globex Exchange is experiencing a widespread technical problem. You will be notified when the system is functioning normally.

Some traders were displeased that the CME did not send out proper notifications:

Others suggested that it is time to bring back the pits where such an occurrence was a rarity.

For now, however, it remains unclear just what the "technical problem" is and what it means to price discovery.


Exponere Mendaces ParkAveFlasher Wed, 07/11/2018 - 17:50 Permalink

CME is a shitshow internally.

Probably was a "diversity" hire that plugged in a cable to the wrong switch, causing a broadcast storm on the local VLAN.

Or one of many other fuckups, multiple failovers of gateways aren't supposed to happen -- at least on the network level. The only thing that makes sense is some idiot fucked up some shit on a segment that carries all of that traffic, forcing the gateways to shift over sensing anomalies in their "heartbeat" ping.

Someone will get fired though, services being down more than a few minutes means a hasty post-mortem and a reshuffling of directors/underlings.

They should bring back the pits, but the CME sold their soul to electronic trading a long time ago.


In reply to by ParkAveFlasher

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nsurf9 Wed, 07/11/2018 - 15:43 Permalink

Of course, the trade-war noise was already out; and, oil prices had gone no where since yesterday. 

No, no, no - not until after a massive 12.633 million barrel draw-down was reported, did oil prices not go straight-up. 

But, instead, the price dropped $4 a barrel - ensuring the most heads were most cleanly cut-slap-off.

Born2Bwired Wed, 07/11/2018 - 15:45 Permalink

Gee my trading platform doesn't alert me that all is not well at mission control.

Seems trivial to implement and would save lots of butts as well as support calls.

Guess that Citadel and Virtu knew of it a few seconds after there were issues though.

Us little people not so much.