CME Group Suspends Trading Due to Coronavirus Outbreak

CME Group suspends its Chicago trading floor as a precaution due to Corona virus outbreak. The closure will take effect on Friday (13 March). CME said that no cases of coronavirus had been reported to the trading floor of the Chicago Board of Trade.

12 March, 2020 | AtoZ Markets – With the coronavirus outbreak officially recognized as a global pandemic, companies, and organizations related to crypto are changing the way they do business. Data compiled by Johns Hopkins University shows that more than 124,000 cases of coronavirus have been identified worldwide. In the United States, the number of cases has risen to at least 1,110, with more than 30 deaths. So far, the coronavirus epidemic has been responsible for stopping most flights to and from China and shutting down Italy from the rest of the world.

CME Closes Chicago Trading Floor

The Chicago Mercantile Exchange (CME) Group is the world’s largest financial derivatives exchange, trading in agricultural products, fiat and cryptocurrencies, interest rates, metals and stock indexes. According to a CNBC, the CME Group will suspend its trading floor in Chicago from 13 March. This would make CME the first major US exchange to close a trading floor due to concerns over the coronavirus.

CME Group said floor traders in Chicago would receive an “additional Q&A ” on Thursday “regarding the execution of certain floor products, procedures and protocols, and other floor-related practices “. CME Group said citing the precautionary principle:

“No cases of coronavirus have been reported on the trading floor or in the Chicago Board of Trade building. The trading floor will reopen as more medical guidance on the coronavirus becomes available.”

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Coronavirus Related Closures

While the CME headquarters in Chicago will remain open with all 450 staff members, some crypto companies and exchanges have implemented new policies for the preparation of COVID-19.

However, there is no plan yet to close the New York Stock Exchange trading floor. But the more than 200 cases of COVID-19 confirmed in the city. The New York Stock Exchange is also taking precautionary measures, trying to separate traders and other employees. The Nasdaq, also based in New York, is preparing a trading floor and a backup data center in the Navy Yard business center in Philadelphia. But it remains open.

Coinbase and Messari have both announced that their employees will work from home until further notice. Moreover, Blockstack and the Winklevoss Twins has also encouraged employees to work remotely.

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