The Chicago Mercantile Exchange says it has fully restored trading after an hours-long technical outage that disrupted financial markets around the world.
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The Chicago exchange, which is operated by CME Group (CME), was brought to a standstill on Nov. 28 due to an issue at one of its data centers. The outage impacted futures, options, and commodities trading, which account for 90% of the trading volume on the Chicago Mercantile Exchange.
Crude oil contracts and trading in U.S. Treasury bonds were also impacted by the exchange’s outage. The disruption lasted three times longer than a disruption caused by a technical error back in 2019 and underscores the global reach of the Chicago exchange.
Commodities Trading Impacted
In a statement, CME Group said it was forced to stop all trading ahead of the market’s open on Nov. 28 because of a cooling issue at one of its data centers. The Chicago bourse is a leading center for futures and commodities trading that is popular with investors.
Chicago is also the largest exchange for trading in agricultural commodities such as corn and soybeans. The outage occurred during a shortened trading week in the U.S. due to American Thanksgiving. CME stock has gained 23% this year.
Is CME Stock a Buy?
CME Group’s stock has a consensus Moderate Buy rating among 12 Wall Street analysts. That rating is based on six Buy, four Hold, and two Sell recommendations issued in the last three months. The average CME price target of $284.58 implies 1.11% upside from current levels.
