CME Group temporarily halted futures and options trading on Friday after a major cooling issue at a CyrusOne data center disrupted operations. The issue forced a shutdown across key CME platforms, including Globex, affecting multiple global markets.
What Exactly Happened?
According to CME, a cooling failure at the CyrusOne data center triggered a technical outage. Support teams are working to restore normal operations and will provide updated pre-open timing once the system stabilizes.
A Single Cooling Failure Exposed a Global Fragility
At 03:00 GMT, almost 90% of the world’s derivatives market froze, not because of a cyberattack but because one Illinois data center couldn’t keep its servers cool. When the CME Group’s hardware overheated, pricing engines for major assets, from bonds to oil to equities, simply shut down.
This wasn’t an accident; it was a system-level red flag. In 2024, U.S. data centers burned through 183 TWh of electricity, over 4% of national usage and roughly equal to Pakistan’s annual power demand. By 2030, consumption is expected to hit 426 TWh, driven by AI workloads growing 30% every year.
Which Markets Were Affected?
- S&P 500 futures
- Nasdaq futures
- Foreign exchange (FX) products
- Commodity futures and options including crude oil and palm oil
- Bursa Malaysia derivatives after Globex halted all products around 10:36 a.m.
The outage impacted live trading and caused a pause across multiple markets globally.
Why This Matters
Analysts warn that even a short halt can create thin liquidity and lead to catch-up volatility once markets reopen. Saxo strategist Charu Chanana highlighted risks to price discovery if the outage prolongs.
Is There a Risk of Market Volatility?
Yes. When trading halts unexpectedly, order backlogs and wide bid-ask spreads often cause volatility as markets adjust after reopening.
What Happens Next?
CME said its teams are actively fixing the issue and will notify traders with updated pre-open details. Restoration work is ongoing, and normal market operations are expected to resume once cooling systems stabilize.
Key Takeaways
- CME markets halted due to cooling failure at CyrusOne data center.
- Globex outage paused S&P 500, Nasdaq, FX, and multiple commodity contracts.
- Bursa Malaysia derivatives were also halted after 10:36 a.m.
- Analysts warn of possible volatility when trading resumes.
FAQs
Why did CME halt futures trading?
Trading was halted because a cooling issue at a CyrusOne data center caused a major technical disruption.
Which markets were impacted?
U.S. equity index futures, FX products, commodities, and Bursa Malaysia derivatives were affected.
When will trading resume?
CME will issue pre-open updates once systems are fully restored.
Update: CME Outage Freezes Key Markets
CME Group faced a major outage on Friday, halting trading on its currency platform and several futures across FX, commodities, Treasuries and equities. Prices for WTI crude, Treasury futures, S&P 500 futures, palm oil and gold stopped updating, while EBS FX trading was also paused.
The most recent WTI trade showed at 9:16 IST, gold at 10:30 IST and natural gas at 10:28 IST. With liquidity already thin, even a brief halt can disrupt price discovery across Treasuries, currencies and commodities.
CyrusOne Cooling Failure Disrupts CME Services
CyrusOne confirmed a cooling-system issue at its CHI1 Chicago data center, affecting services for clients including CME Group. Several chillers have been restarted but only at limited capacity.
CME said parts of its systems, including CME Streamline and CME REST API, are facing delays. However, BrokerTec US Actives and BrokerTec EU remain operational. CME also published Term SOFR rates for 28-Nov-2025 across 1M (3.86417%), 3M (3.78743%), 6M (3.70377%) and 12M tenors (3.51111%).
Update: CME Trading Resumes After Cooling Outage
All CME Group markets are now open and trading again. Treasuries edged higher on thin volumes, U.S. natural gas futures jumped 2.5%, and U.S. stock futures restarted after-hours trading following the prolonged halt caused by data-center cooling issues.
CME Group says all day orders and GTDs dated today will be cancelled, while all previously acknowledged GTC orders will continue to remain active.
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