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.
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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.
CME platform rejecting my orders ---@CMEGroup— Anthony Grisanti (@AnthonyGriz) July 11, 2018
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:
CME not giving info about this outage -in fact you cant get a person to pick up the line— Anthony Grisanti (@AnthonyGriz) July 11, 2018
Others suggested that it is time to bring back the pits where such an occurrence was a rarity.
maybe its time to bring the pits back— ℭhi 🛢️ (@chigrl) July 11, 2018
For now, however, it remains unclear just what the "technical problem" is and what it means to price discovery.