Established member
Hi all,

does anyone know anything about when Globex trading is likely to resume?
These were the two messages posted on IB about the plug being pulled at Globex:

To all traders
Thu May 1 14:29:18 2003 EST

Globex Trading Update:

Globex has announced that they will enter a pre-open session at
14:45 EST and re-open for trading at 15:15 EST.

To GLOBEX traders
Thu May 1 12:10:36 2003 EST

Globex Trading Update:

At 11:18 EST, Globex experienced a large-scale network failure.
Trading is currently halted on Globex for all products and we are
awaiting a pre-open state.

More details will be posted when Globex announces the pre-open time.
To GLOBEX traders
Thu May 1 15:20:30 2003 EST

Globex has delayed the opening time for trading.
More details will be posted when Globex
determines a new opening time
To GLOBEX traders
Thu May 1 15:39:33 2003 EST

Globex Trading Update:

Globex will not be opening again for trading before 16:15 EST.
The new re-open time will be posted when Globex makes it available.
thanks, I've got those messages as well. It's a bit of a pain isn't it? I've only been trading on Globex for a few months, is this length of outage rare?

What do others do in this situation? I hedged my open position with a spreadbet but is there anything else I could have done?
I've known Globex go down for a few minutes before, but not quite this length of time!

No matter whether you were long or short, the situation is not clear - at the suggested reopening time of 15:15 ES was around 916, and was 905 before the outage. However, with no definite opening time being given yet, when it does open there will be some massive spikes I assume as squeezes take place.

I hope you're not too badly affected by today's outage (I was flat at the time), and I think you did the best thing possible by hedging your position with a spreadbet (something most US traders could not do, only take out a position on SPY, the S&P tracker fund).

However, it goes as a warning to all of us that these sorts of events can and will happen at some time, so they should be budgeted for in your trading plan. Being prepared for the worst is just all part of the game.
the IT bods at CME must be having fun trying to fix this one!

I was going to close my spreadbet account down, but now I'm glad I still had the funds in it to be able to hedge, given the rise of more than 10 pts since!

And people complain about the sb firms (me included!) but they've saved me a few bob this time, so perhaps they do have their uses!
Nas futures are now up and running, and there have been 5 single lot trades put through ES at 915, so a 10 point difference so far.

I believe the problem will be those who are under-margined and are therefore prevented from trading overnight, for them it will be a long wait until the market opens tomorrow.
hi Skimbleshanks, where did you get that info from? My IB screen is still stuck on 903.5-905.75 for ES. Be good if I could buy for that, i'll have the lot!!
I'm looking at the time & sales for ES - the last trade went through at 905 at 11:41:29 and then the next trade is for a single contract at 915 at 16:22:04. Perhaps ES is just being tested, as there are now only 7 trades which have gone through with the last being at 17:34:17, again for 1 contract.
Has anyone heard any news on the LSE takeover lately. I haven't for a while, although wouldn't it be nice if Nasdaq took it over :D
I'm told by a friend in Chicago that it was a Labor Day anarchist hacker that brought the CME down. There's more than one conspiracy theory floating around; but then America is the home of the conspiracy theory; and we are the home of the cock-up theory.