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CME Group trading outage exposes weakened trading floor

10
Apr
2014

By Tom Polansek CHICAGO (Reuters) – Open-outcry traders sprang into action during an electronic trading halt in CME Group Inc agricultural markets on Tuesday, but a better solution to the outage would have been to close the pits down too, traders and investors said a day later. In chaos following the outage on CMEs electronic Globex platform, some orders sent to open-outcry grain pits went unfilled because there were not enough traders to handle the influx. The number of traders, brokers and clerks on CMEs cavernous agricultural trading floors has dwindled during the past decade due to the rise of faster and more efficient electronic trading, which now accounts for nearly 95 percent of volume in grain markets. We should absolutely halt all trading, floor and electronic, if the Globex goes down, he added.

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