As a precaution to reduce large gatherings contributing to the spread of Coronavirus , US derivatives giant CME Group is set to close its trading floor in Chicago as of the close of business Friday, March 13, the firm has announced.
The decision was made in line with the advice of medical professionals.
All products will continue to trade on CME Globex as they do today, according to the firm’s statement.
People familiar with the matter say that while trading of the company’s futures products will go on electronically, the current situation hastens an existing industry trend of shifting trading from trading floors to computer screens.
“No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available. The company’s headquarters at 20S Wacker Drive will remain open,” CME said in its statement.
Tomorrow, the trading floor community will receive an additional Q&A related to the Execution of certain floor products, procedures, and protocols, as well as other floor-related messages, according to the statement.
Markets tumble
As the number of confirmed cases of COVID-19 in New York and London rise, the operation of large crowded trading floors has started to look increasingly difficult.
Banks are forced to find other options to keep trading going, while global stock markets post steepest falls since the financial crisis in 2008.
CME’s announcement follows the decision of several companies to advise employees to work from home in order to prevent contagion from the virus.
