The Night Global Markets Went Dark: What Really Happened When CME Crashed

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Night Global Markets Went Dark: CME Globex Outage Analysis
On November 27, 2024, CME Globex experienced a catastrophic outage that halted futures trading across commodities, treasuries, and equity indexes. This wasn't just a technical glitch—it exposed critical vulnerabilities in global financial markets.
What Happened:

CME Globex shut down at 22:00 CT due to Cyrus One data center cooling failure
Silver was at all-time highs ($53.82) when trading halted
Gold at $2,674, Platinum surged $52 to $1,641
China launched new platinum futures contract the same day
Outage lasted longer than 2019's multi-hour disruption

Key Insights:
Market structure breakdown exposed
Futures buyers disappeared while OTC sellers continued
Shanghai exchanges gaining competitive advantage
Fragmentation of global price discovery system
Signs of deglobalization in financial markets

Markets Affected:
Crude Oil Futures, Gold & Silver Contracts, S&P 500 Futures, US Treasuries, Foreign Exchange Pairs, Commodities Trading
Why This Matters:
This outage revealed how interconnected yet fragile our global trading infrastructure has become. When CME's futures platform went offline, spot markets experienced severe order imbalances, demonstrating dangerous dependency on centralized price discovery systems.
Geopolitical Implications:
The timing couldn't be worse for Western markets. Shanghai Futures Exchange (SHFE) and Shanghai Gold Exchange (SGE) are rapidly expanding, positioning themselves as alternatives to COMEX and LBMA. This outage feeds the narrative that Eastern infrastructure is more reliable.

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