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In response to the threat of the coronavirus, the Chicago Mercantile Exchange announced that it will close its trading floor on Friday.

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In response to the threat of the coronavirus, the Chicago Mercantile Exchange announced that it will close its trading floor on Friday.

Due to the ongoing COVID-19 pandemic, as a precautionary measure, the CME Group announced that it will temporarily close its trading floor in Chicago on Friday.

Table of Contents

  • CME to Close Trading Floor on Friday Amid Coronavirus Spread
  • New York Confirms Over 200 Cases, NYSE Continues Operations

In a statement, CME announced that it will close its Chicago trading floor after Friday's close due to concerns over the coronavirus. This will make CME the first major U.S. exchange to close its trading floor. CME stated:

The company headquarters will remain open with about 450 people still trading or negotiating with traders inside the trading floor. There have been no cases of coronavirus reported in the trading floor or the Chicago Trade Commission building, and they will evaluate reopening the trading floor based on relevant medical guidance related to the coronavirus.

Reports indicate that CME is one of the few exchanges in the U.S. offering bitcoin derivatives contracts, with its main competitor being Bakkt backed by Intercontinental Exchange.

Meanwhile, the New York Stock Exchange is taking precautionary measures, with a spokesperson from its parent company, Intercontinental Exchange (ICE), stating that there are currently no plans to close the Wall Street trading floor.

In addition to the crisis stemming from the coronavirus, trading volume for bitcoin futures on the CME has been declining since February, with the futures market currently dominated by Okex and Bitmex.

Source: Skew

Earlier on January 14, CME launched bitcoin options on futures contracts, with trading volume significantly surpassing Bakkt's options contracts introduced in December. However, the overall market is still dominated by the bitcoin options giant Deribit, which accounts for over 80% of the market share, while Bakkt's options contracts have minimal trading volume.

Source: Skew

Further Reading

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