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CME Outage: FX Market Structure Under Scrutiny

by Priya Shah – Business Editor February 26, 2026
written by Priya Shah – Business Editor

Global foreign exchange markets experienced a period of significant disruption on November 28, 2025, when a cooling failure at a CyrusOne data center in Chicago forced CME Group to halt all futures and options trading. The outage, which impacted trading in currencies, commodities, Treasuries, and stocks, exposed vulnerabilities in the increasingly interconnected financial system, according to market participants.

The incident began late Thursday, November 27, 2025, with a “cooling issue” at the CyrusOne CHI1 facility, a critical infrastructure hub for CME’s electronic trading platform, Globex. CME confirmed the shutdown, freezing price discovery across multiple asset classes. Trading was also suspended on CME’s cash FX EBS platform and the Malaysian BMD derivatives market. By 5:30 a.m. ET on Friday, November 28, price feeds for key benchmarks like WTI crude, S&P 500 futures, and U.S. 10-year Treasury futures remained frozen, according to LSEG data.

While foreign exchange futures represent a relatively small portion – roughly 2% – of overall spot and outright forwards volume, the impact of the CME and EBS shutdown was disproportionately large. Bid/offer spreads on currency pairs with active futures contracts widened by two to four times their normal levels, and for some non-bank liquidity providers, the spreads ballooned by as much as 124 times, according to reports. This indicated a significant loss of liquidity and increased volatility in the market.

CyrusOne engineers responded to a chiller plant failure, taking multiple cooling units offline. The company stated that several chillers were restarted at limited capacity and temporary cooling equipment was deployed. CME technical staff worked to stabilize the data center, promising updates once the system was ready to reboot. The outage occurred during a period of heightened sensitivity in global commodities markets, coinciding with geopolitical tensions and the shortened Black Friday trading session.

The disruption highlighted the growing reliance on futures-led market structures and the potential for systemic risk when critical infrastructure fails. The incident prompted a “soul search” within the FX community, as described by industry observers, regarding the fragility of the new market structure and the necessitate for greater resilience. The extended outage, one of the longest in years, underscored the interconnectedness of global financial markets and the potential for localized failures to have widespread consequences.

As of February 26, 2026, CME Group and CyrusOne have not publicly released a comprehensive report detailing the root cause of the cooling failure or outlining specific measures to prevent similar incidents in the future. The investigation remains ongoing, and market participants are awaiting further details regarding the steps being taken to enhance the reliability of the infrastructure supporting global financial trading.

February 26, 2026 0 comments
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Business

Banks eye cost cuts with RateStream Treasuries push – Risk.net

by Priya Shah – Business Editor February 11, 2026
written by Priya Shah – Business Editor

Dealer-backed FXSpotStream is preparing to launch a fresh trading platform, RateStream, for U.S. Treasuries, aiming to offer a more cost-effective alternative to existing venues. The service, slated to go live by mid-2026, will provide direct streaming-based liquidity between dealers and hedge funds, focusing initially on on-the-run U.S. Treasuries.

The move into the Treasury market represents a significant expansion for FXSpotStream, traditionally a foreign exchange venue owned by a consortium of banks. According to sources familiar with the plan, RateStream is expected to impact the market by accelerating a shift towards stream-based execution. Banks are simultaneously evaluating cost-cutting measures in anticipation of the platform’s launch, suggesting a competitive pricing strategy is anticipated.

RateStream will initially support up to six liquidity providers. The platform’s core appeal lies in its potential to reduce fees associated with Treasury trading, a factor that has become increasingly important as market participants seek efficiency gains. The launch comes as the U.S. Treasury market has faced increased scrutiny, including a period of volatility in April 2024, highlighting the need for robust and efficient trading infrastructure.

FXSpotStream’s entry into the rates market is viewed by some dealers as a natural progression, leveraging the firm’s existing technology, and relationships. The platform’s success will depend on attracting sufficient liquidity and gaining acceptance from a broad range of market participants. As of February 11, 2026, FXSpotStream has not commented on specific pricing models or the number of clients already onboarded for the RateStream service.

February 11, 2026 0 comments
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Business

Hopes rise for EU re-entry to UK swaps market

by Priya Shah – Business Editor January 25, 2026
written by Priya Shah – Business Editor

Understanding Risk.net Subscription Rights and Usage Policies

Navigating the terms of digital subscriptions can be complex, particularly when accessing specialized content like that offered by Risk.net. This article provides a comprehensive overview of the usage rights associated with risk.net subscriptions, focusing on personal use limitations, authorized user guidelines, and how to acquire additional permissions for broader application of their valuable resources. We will delve into the specifics outlined in their terms and conditions,ensuring you understand how to legally and ethically utilize the data provided.

What is Risk.net and Who is it For?

Risk.net is a leading provider of news, analysis, and data for professionals in the financial risk management industry. https://www.risk.net/ They cater to a diverse audience including risk managers, traders, regulators, and financial engineers. Their content covers a wide range of topics, including market risk, credit risk, operational risk, regulatory compliance, and financial modeling. Access to their in-depth reporting, data analytics, and expert commentary is typically provided through a subscription model.

Core Subscription Rights: Personal Use and the Single Copy Rule

The foundation of a Risk.net subscription centers around the concept of individual access for professional development and internal use. According to their terms and conditions, specifically clause 2.4, an “Authorised User” – typically the individual who purchased the subscription – is permitted to make only one copy of the materials for their own personal use.

This “single copy” rule is crucial. It means you cannot:

* Distribute copies of articles or reports to colleagues without additional licensing.
* Post content on internal company servers for widespread access.
* Share login credentials with others.
* Reproduce materials for commercial purposes.

The intent is to protect the intellectual property of Risk.net and ensure that access to their premium content is governed by the subscription agreement. This is a common practice among publishers of specialized financial information, safeguarding the investment in their research and reporting.

Navigating Clause 2.5: Further Restrictions on Usage

Beyond the single copy rule, clause 2.5 of the Risk.net subscription terms and conditions outlines further restrictions on how you can utilize the content. While the specific details of this clause are best reviewed directly on their website https://www.infopro-digital.com/terms-and-conditions/subscriptions/, it generally addresses limitations on:

* Automated Access: Using bots or other automated tools to scrape or download content.
* Systematic Reproduction: Creating a database or archive of Risk.net materials.
* Commercial Redistribution: Reselling or licensing the content to third parties.
* Derivative Works: Creating new products or services based on Risk.net content without permission.

These restrictions are designed to prevent unauthorized commercial exploitation of Risk.net’s intellectual property and maintain the integrity of their subscription model. Understanding these limitations is vital for ensuring compliance and avoiding potential legal issues.

When One Copy Isn’t enough: Acquiring Additional Rights

The single-copy limitation is often insufficient for organizations that need to disseminate risk management information across teams. Risk.net recognizes this need and provides avenues for acquiring additional rights.

If you require broader access to their content – for example,to share articles with your department,integrate data into internal reports,or use materials for training purposes – you must contact them directly. The designated email address for inquiries regarding additional rights is info@risk.net.

When contacting Risk.net, be prepared to clearly articulate:

* The scope of your intended use: How many users need access? What specific content are you interested in?
* The purpose of the access: is it for internal training, research, or commercial applications?
* your organization’s size and structure: This helps Risk.net tailor a licensing solution to your needs.

Risk.net offers various licensing options, including:

* Multi-User Licenses: Allowing multiple individuals within an organization to access the content with their own login credentials.
* Corporate Licenses: Providing site-wide access for all employees.
* Content Syndication: Licensing specific articles or reports for republication on your own platform.
* Data Feeds: Accessing Risk.net’s data directly through APIs for integration into your own systems.

The Importance of Compliance and Ethical Usage

Adhering to the Risk.net subscription terms and conditions isn’t just about avoiding legal repercussions; it’s also about respecting intellectual property and supporting the continued production of high-quality financial risk management content. By complying with the usage guidelines, you contribute to a sustainable ecosystem where valuable information remains accessible to professionals in the field.

Furthermore, ethical usage builds trust and credibility. demonstrating a commitment to respecting copyright and licensing agreements reflects positively on your organization and reinforces your professional integrity.

Key Takeaways

* Single Copy Rule: Risk.net subscriptions generally allow one copy of materials for personal use only.
* further Restrictions: Clause 2.5 outlines additional limitations on automated access, systematic reproduction, and commercial redistribution

January 25, 2026 0 comments
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