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By Jerry A. DiColo and Dan Strumpf

Exchange operator CME Group Inc.’s electronic Globex oil-trading platform failed due to “technical issues” on Monday, halting all electronic trading and sending traders scrambling to place bets on the New York Mercantile Exchange trading floor.

The Globex trading platform went down shortly after 2 p.m. EST, according to traders. It was set to reopen at 3:15 p.m. EST, according to CME, with a 15-minute pre-open. 

UPDATE: The trading platform reopened, as expected.

In a notice on the CME Group’s website, the firm, which owns the Nymex, said it would cancel some orders placed Monday on the electronic trading platform.

Globex is CME’s electronic trading platform and is the venue for most trading that occurs in benchmark oil and oil-product contracts.

Traders on the floor of the Nymex rushed into the normally sleepy oil-futures pits, brokers and other traders on the floor said, looking to place trades and take advantage of any price dislocations due to the failure of Globex.

“A bunch of options guys ran over there, nat gas brokers are there—everybody is trying to take advantage of the wide quotes and stuff,” said Fred Rigolini, vice president of Paramount Options, a brokerage on the Nymex floor.

The settlement price of the benchmark crude-oil contract was initially unclear. The contract was later shown to have settled up $2.24, or 2.3%, at $100.91 a barrel, apparently rising sharply after Globex trading was halted.

A CME spokesman did not immediately have any further information.

In recent years, the majority of oil-futures volume has flooded to the electronic market, leaving trading thin on the Nymex floor in downtown New York., set News, Photos, Profile, Video, Artist & Celebrity World complete.

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