CME will close trading floor on Friday amid coronavirus spread

Quick Take

  • CME Group, the U.S. firm which launched Bitcoin futures in late 2017, plans to close its trading floor in Chicago
  • The move is tied to the spread of coronavirus, which has gripped U.S. financial markets.

CME Group will close its Chicago trading floor at the end of the day on Friday, CNBC reported Wednesday. 

The derivatives exchange, which facilitates the trading of contracts tied to oil, agriculture products and U.S. stocks, said it made the decision as a precaution due to the spread of coronavirus. In a statement the exchange group said:

"No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available."

The company's headquarters will remain open, the statement added. Approximately 450 people trade or work with traders on CME's floor, according to a spokeswoman. CME is also one of the few exchanges in the U.S. that offers Bitcoin derivatives contracts, with the other notable one being Intercontinental Exchange-backed Bakkt. 

As of today, there are 1,107 confirmed cases of coronavirus in the U.S., with 25 in Illinois, CME's home state.

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Meanwhile, a spokesperson for the New York Stock Exchange's parent company, ICE, said it had no plans to close its trading floor on Wall Street. There are more than 200 confirmed coronavirus cases in New York. In February, Fox News reported that NYSE was preparing for the possible closure of its trading floor.

New York-based Nasdaq plans to prep for a back-up trading floor and data facility in Philadelphia's Navy Yard business center, according to The Philadelphia Inquirer

Across Wall Street, firms are allowing their traders to work remotely thanks to the blessings of FINRA. Financial services firms from Wells Fargo to BlackRock have confirmed cases within their offices. 


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].