07 September 2012 17:47 [Source: ICIS news]
HOUSTON (ICIS)--Electronic trading for the US natural gas Henry Hub futures market on the NYMEX halted for nearly an hour on Friday due to a technical error, although no trades were cancelled.
“They closed due to a technical error,” said Damon Leavell, a spokesman for CME Group. “That’s all we’re sharing at this time.”
The electronic trading platform CME Globex halted natural gas futures and options transactions at 10:04 hours US east coast time (14:04 hours GMT), Leavell said.
Trading remained open on the NYMEX floor and through CME ClearPort, CME Group’s trading portal for over-the-counter market participants.
At 10:45 hours east coast time, CME Group held a precursor trading session to allow market to re-enter orders. Trading resumed at 1100 hours, he said.
“No traders from earlier in the day were busted or cancelled,” Leavell said.
CME market operational employees will be reviewing the glitch, he said. Leavell could not say for certain that this was the first time a trading gap such as Friday morning’s has occurred before.
“From time to time, we have halts in the market due to technical errors like this,” he said.
When the NYMEX closed on Thursday, there were 164,714 trades that settled on the October front-month contract.
Leavell said a majority of futures trading takes place using Globex, while about 40-50% of options trading occur on the floor.
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