Following an announcement yesterday by the CME Group, some may be confused that the large derivatives market would stop trading Bitcoin (BTC) futures & options and other assets. Fortunately, this is not the case.
What CME really said was that their “Chicago trading room” would be closed as a precautionary measure to prevent the spread of coronavirus. However, she also added that “all products will continue to be traded on CME Globex as they do today”.
CME Globex is CME’s electronic trading system, in which futures and options on all assets offered by the exchange are traded daily by the majority of market participants.
Trading took place before digital age
In other words, the only thing that closes is the floor on which the old school floor trading takes place. In practice, this now accounts for only a tiny fraction of all trading activity, even though all of the trading took place here before the digital age. CME is one of the few stock exchanges in the world where floor trading is still carried out to a certain extent.
The marketplace statement also said no coronavirus cases have been reported on the Chicago trading floor and added that future reopening will “be assessed as more medical advice on the coronavirus becomes available”.
The news that the CME will close its trading floor has been reported by many news agencies, such as CNBC, who found that the CME’s closure “is the first major US stock exchange to close a floor” due to the corona virus. She added that the New York Stock Exchange (NYSE) is also taking some precautions because it “separates traders and other employees”.