CME’s Globex oil-trading platform failed due to technical issues, and trading was halted shortly after 2:00pm yesterday. The CME was mum about the incident, and would not comment regarding the glitch or the shutdown.
However, Nanex’s Eric Hunsader quickly got to the root of the issue:
On February 13, 2012, starting 13:59:57, quotes for crude oil began queuing. At 14:00:35, all of the queued quotes were sent at once. Again at 14:01:08 the same 38 second block of quotes sent earlier was sent again — old timestamps and all plus
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