CME Group has issued a statement following rumors that erroneous or irregular trades by Citigroup Global Markets Inc may have been the cause for a more than 900 point drop in the Dow Jones Industrial Average during mid-day trading on Thursday:
“While our policy is not to comment on individual participation in our markets, in light of volatile market conditions, CME Group confirmed that activity by Citigroup Global Markets Inc. in CME Group stock index futures markets does not appear to be irregular or unusual in light of market activity today.”
"CME Group markets functioned properly yesterday despite significant market activity due to global macroeconomic conditions and apparent problems that resulted in the cancellation or 'busting' of securities transactions by The NASDAQ Stock Market and the NYSE Arca in coordination with all other UTP Exchanges.
Upon review of yesterday's trading activity in CME Group markets, we have concluded that we did not experience technology or systems issues associated with trading activity between 1:00 and 2:00 p.m. CST. Additionally, it does not appear that CME Group clearing firms or customers experienced any significant technological failures or trading errors during this timeframe.
Finally, CME Clearing participants have not experienced any difficulties as a result of market events yesterday and all clearing members remain in good standing having met all financial obligations to the CME Clearing House.
CME Group continues to actively monitor market participants' trading and clearing activity on the CME Group exchanges and to share information with our regulator, the Commodity Futures Trading Commission - which, in turn coordinates with other Federal agencies.
CME Group has developed and maintains industry-leading trading, credit and risk monitoring controls on the CME Globex platform. For more information on these controls please visit here:http://www.cmegroup.com/market-regulation/rulebook/index.html."
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
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SOURCE CME Group
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