Skip to main content

CME Software Designed Not To Reveal Swaps Traders' Identity Does The Opposite

  • Author:
  • Updated:

Another day, another rotten Easter egg uncovered in an exchange's sensitive systems.

The CME experienced a bug that "permitted a small number of market participants" to see the trades of other participants on April 1, said a spokesman for the Chicago company. About 500 swap transactions tied to agriculture and energy prices out of a total of nearly one million "were mistakenly disclosed," he said….

CME discovered the glitch when third parties called to clarify why they had access to information that was supposed to be anonymous, said people affected by the breach.

The data leak is the latest blow to a real-time transparency mandate for swaps that came into effect in January in the U.S., but has so far underwhelmed derivatives-industry practitioners. Previous to this year, such data had been disclosed only to regulators.

Under the new rules, anyone should be able to see price and volume data in order to track patterns in the market. The identities of those behind the trades is supposed to remain secret—and that was among the information inadvertently released earlier this month….

So far the reporting hasn't been perfect; among the hitches are routine delays and nonstandardized labeling of positions.

CME Admits Data Leak [WSJ]


CME Begrudgingly Concedes 17½-Hour Day To Grain Traders (It Wasn't Making Any Money During Those Extra Hours, Anyway)

The whiners have won at the Chicago Mercantile Exchange. You won't be able to buy grain or soy futures in the Windy City from 2:15 in the afternoon to 8 at night.*