GLOBEX Halted

[alanm]

Must be a Chicago thing, given similar problems at ARCA

Odd, too, that there appears to be nothing anywhere about the problem. Not the CME web site nor the newswires. You'd think they could pick up the phone and call the DJ desk with status info, as theoretically important as the futures are to the world.

Even more puzzling is that T&S data on the CME site shows lots of trades occuring during the supposed downtime. Doesn't make any sense. Two of my other chart sources confirm no trades, though.

 

[aphexcoil]

Originally posted by alanm
Even more puzzling is that T&S data on the CME site shows lots of trades occuring during the supposed downtime. Doesn't make any sense. Two of my other chart sources confirm no trades, though.

Greenspan and Pitt loading up afterhours for the surprise rate-cut tomorrow ...

 

[dottom]

Originally posted by aphexcoil

Greenspan and Pitt loading up afterhours for the surprise rate-cut tomorrow ...

Mistake: what makes you think it is a surprise?

 

[aphexcoil]

Originally posted by dottom

Mistake: what makes you think it is a surprise?

It's not a mistake, it's a joke.

 

[FX-Trader]

Originally posted by ArchAngel
The biggest problem Globex has is the people in charge of electronic markets and technology at the CME. Way over their heads and it's starting to cause major impact to everyone - recurring downtime, a lot of brokers/members having daily connectivity problems, bitching around the industry but the media hasn't picked up on it yet in a big way. The CME is trying to keep a lid on things until they can IPO and make all the insiders a big pile of cash before their technology group (especially electronic markets) melts down.

Try firing off a letter complaining about their electronic markets group to the head of the CME, Wall Street Journal, CNN, Business Week, etc. - with the IPO pending, if there's enough public noise they might make the radical changes needed to get someone who knows what they're doing in there.

www.interactivebrokers.com/discus/messages/2049/3705.html?1036482330

 

[Aaron]

My broker tells me the CME is still having sporadic problems this morning (Tuesday morning), although everything looks okay at the moment. Just be prepared in case they go down again.

 

[CalTrader]

Originally posted by ArchAngel
The biggest problem Globex has is the people in charge of electronic markets and technology at the CME. Way over their heads and it's starting to cause major impact to everyone - recurring downtime, a lot of brokers/members having daily connectivity problems, bitching around the industry but the media hasn't picked up on it yet in a big way.

The CME is trying to keep a lid on things until they can IPO and make all the insiders a big pile of cash before their technology group (especially electronic markets) melts down.

Try firing off a letter complaining about their electronic markets group to the head of the CME, Wall Street Journal, CNN, Business Week, etc. - with the IPO pending, if there's enough public noise they might make the radical changes needed to get someone who knows what they're doing in there.

The CME is in transition - it has been for about two years since they started down this IPO road. They have replaced some of the IT/Operations people and promoted others. I am surprised that GLOBEX still has these types of system failures: if this is indeed on the CME side. However, given GLOBEX's development path and the supporting infrastructure development path it is not surprising.

The CME is a tough place to work and get anything done due to the unique dynamic of the membership committees and their relationship to the CME staff organizations. They have a lot of challenges going forward but my guess is that things will transition smoothly through the new organizational change although it will probably be more difficult to do business with the CME for a while until they iron out the new business processes .....

 

[TriPack]

Originally posted by Aaron
My broker tells me the CME is still having sporadic problems this morning (Tuesday morning), although everything looks okay at the moment. Just be prepared in case they go down again.

Thanks for the heads up.

 

[ArchAngel]

apex -

Not quite that bad (W95 machine with a 17 year old operator) on the technology front, but some serious problems with operational systems and they're way behind on numerous other technology projects.

The executive they have in charge of electronic markets is the poster child for the Peter Principle (hired by the previous CIO who surrounded himself with people who wouldn't challenge him) - no in depth technology expertise or skills, no strategic or tactical planning experience, no full lifecycle technology experience, no quality management experience, no large scale management experience at all, and has had to jump ship before all hell broke loose or had to be nursemaided along through previous jobs.

Add to that an environment where major architectural decisions are delegated to technicians with no experience in large scale technology architecture, commercial systems engineering, or strategic technology planning and who are more interested in pursuing technology adventures than building bulletproof commercial systems and where it's more important to not hurt someone's feelings than to get things done right or take decisive action to correct mistakes before they become problems and you've got a troubling situation for one of the major exchanges in the world. Remember, these are the same technoweenies who decided to pour millions of dollars into floor trading systems based on OS2.

Personally, I think that they're just going to try to keep the ship from exploding and sinking long enough to IPO and then most of the big shots won't care anymore and may just leave with their big piles of cash and leave the mess for someone else.

So much for the regulators doing their jobs.

 

[aphexcoil]

Originally posted by ArchAngel
Personally, I think that they're just going to try to keep the ship from exploding and sinking long enough to IPO and then most of the big shots won't care anymore and may just leave with their big piles of cash and leave the mess for someone else.

The American way ...