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Study finds EUR/USD spreads widened eightfold as non-bank PTFs blew out by nearly 30 times in November halt
The November 28 failure of a Chicago data centre that knocked out CME Group’s foreign exchange venues for roughly 11 hours exposed the reliance of the market – particularly non-bank market-makers – on futures pricing and liquidity, a new study by the Swiss National Bank has found.
Currency pairs with actively traded CME futures contracts and whose primary trading venue is CME-owned EBS Market suffered the worst deterioration, with bid/offer spreads widening by up to eight times. Pairs routed
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