CME Globex Suffers Major Outage: Traders Allege Market Manipulation

The Chicago Mercantile Exchange (CME) Group experienced a significant disruption on Friday, resulting in a roughly 10-hour trading halt on its Globex platform. A cooling system failure at a CyrusOne data center in Aurora, Illinois, brought trading to a standstill across multiple asset classes.

The incident, which began during a period of low liquidity following the U.S. Thanksgiving holiday, fueled accusations of market manipulation from frustrated traders.

Key Takeaways:

• Extensive Outage: A cooling malfunction at a key data center caused a widespread trading halt on CME's Globex platform.
• Manipulation Claims: The timing of the outage, during a period of low trading volume, led to allegations of manipulation.
• Systemic Risk Highlighted: The incident underscores the potential systemic risks associated with centralized infrastructure in electronic markets.

Trader Reactions and Accusations

Traders across equities, currencies, commodities, energy, and crypto markets reported being unable to manage their positions during the outage. This led to considerable anxiety, with some describing the situation as a "nightmare." One trader publicly questioned how a single point of failure could cripple the entire futures complex.

Others suggested that the timing of the outage was "too convenient," arriving during the low-volume Asia session on Thanksgiving when price movements can be more volatile. The proximity of the freeze to silver futures approaching a record high further fueled speculation.

Impact on Different Markets

Crude oil, palm oil, and Bitcoin and Ethereum futures were all affected by the Globex outage. Month-end rolls and adjustments to Treasury futures and SOFR-linked positions were also complicated by the disruption.

Even after the markets reopened, delays persisted in Treasury futures and certain rate products. A user on X (formerly Twitter) urged CME to cancel losses incurred during the freeze, reflecting the widespread concern among traders.

CME's Response and Future Plans

CME has acknowledged the cooling malfunction and restored full functionality to Globex. However, the incident raises questions about the resilience of its infrastructure, particularly as the exchange prepares to launch 24/7 crypto trading in 2026.

This follows CME's October announcement about a planned move of its cryptocurrency futures and options into a 24/7 trading cycle beginning in early 2026, subject to regulatory approval.

Despite the outage, markets eventually resumed and continued adjusting to broader price movements. Bitcoin futures, for example, recovered and pushed higher following the disruption.