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References Used for This Article

[edit]

Many of the source references are press releases, primary source, we're from the CME website. I agree with the conclusion reached in 2009 this is an advertisement. The CEOs Wikipedia page was being managed by in-house public relations. I would suggest that they rewrite this article to Wikipedia standards — Preceding unsigned comment added by 174.253.160.161 (talk) 18:16, 26 October 2020 (UTC)[reply]


The only references used at all for this article all originate from the CME website itself. This article requires more distributed coverage than simply the business explaining itself, otherwise it is only an advertisement... Stevenmitchell (talk) 04:49, 29 August 2009 (UTC) woefully inadequate article — Preceding unsigned comment added by 70.190.100.195 (talk) 01:23, 14 December 2011 (UTC)[reply]

[edit]

One or more portions of this article duplicated other source(s). The material was copied from: https://www.cmegroup.com/clearing/ http://www.cmegroup.com/clearing/cme-clearing-overview/clearing-membership.html http://www.cmegroup.com/company/membership/elements/cme/cme-clearing-membership.html http://www.adsatis.com/docs/isdareview/omg_ccp_questions_cme_response.pdf. Infringing material has been rewritten or removed and must not be restored, unless it is duly released under a compatible license. (For more information, please see "using copyrighted works from others" if you are not the copyright holder of this material, or "donating copyrighted materials" if you are.) For legal reasons, we cannot accept copyrighted text or images borrowed from other web sites or published material; such additions will be deleted. Contributors may use copyrighted publications as a source of information, but not as a source of sentences or phrases. Accordingly, the material may be rewritten, but only if it does not infringe on the copyright of the original or plagiarize from that source. Please see our guideline on non-free text for how to properly implement limited quotations of copyrighted text. Wikipedia takes copyright violations very seriously, and persistent violators will be blocked from editing. While we appreciate contributions, we must require all contributors to understand and comply with these policies. Thank you. Moonriddengirl (talk) 19:23, 23 December 2009 (UTC)[reply]

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Request for article update

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Hello Wikipedia editors. I noticed there was a large edit to this page recently that substantially changed the content. I think many of the deletions were wise, but the article does seem a little sparse now and there seems to be continued confusion throughout about the distinction between CME Group and Chicago Mercantile Exchange.

To be clear, CME Group is the parent company of Chicago Mercantile Exchange and other financial derivatives exchanges (Chicago Board of Trade, New York Mercantile Exchange, etc). The introduction gets this right, but then the History section conflates the two.

I took a stab at correcting this with two new sections (Operations & Mergers and acquisitions) that could replace the current History section. This material includes all of the same basic information, but splits claims into current operational info (Operations) and historical info (Mergers and acquisitions). I also included a revised Awards and honors section that trims that material down to focus only on truly notable recognitions:

Proposed update draft

Operations

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CME Group operates a global derivatives marketplace that allows institutions and individuals to trade futures and options based on interest rates, equity indexes, foreign exchange, energy, metals, and agricultural commodities.[1][2][3] The company runs an electronic trading platform, CME Globex, which allows customers in approximately 150 countries to trade futures and options contracts;[4][5][6] The company also operates two cash market businesses: BrokerTec, which facilitates dealer-to-dealer trading for fixed-income markets,[7][8] and EBS, which provides foreign exchange spot trading.[9] In addition, CME Group operates CME Clearing, which serves as a counterparty to every cleared transaction, including both listed and OTC derivatives, within the company’s marketplace.[10][11]

The company is headquartered in Chicago, Illinois,[2][3] and has offices in New York, Washington, and Houston in the U.S., as well as abroad in London, Singapore, Bangalore, Beijing, Belfast, Calgary, Hong Kong, Seoul, Singapore, and Tokyo.[12]

Terrence A. Duffy serves as chairman and chief executive.[13]

Mergers and acquisitions

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On October 17, 2006, the Chicago Mercantile Exchange announced a merger with its historical rival the Chicago Board of Trade in an $8 billion deal that would create the world's largest financial market.[14][15] The merger agreement was approved by shareholders of both companies on July 9, 2007,[16] and closed on July 12, 2007, after which shares in the Chicago Board of Trade were converted into CME shares as agreed, and the overarching holding company launched as CME Group.[17]Cite error: The <ref> tag has too many names (see the help page). On January 13, 2008, electronic trading at the Chicago Board of Trade shifted to CME Globex.[18]

On March 17, 2008, CME Group agreed to acquire New York Mercantile Exchange (NYMEX), owner of both the NYMEX exchange and the Commodity Exchange (COMEX), for $8.9 billion in cash and CME Group stock.[19][20]Cite error: The <ref> tag has too many names (see the help page). The New York Times described the deal as providing CME Group with a 'major presence' in energy trading.[19][20] The deal was formally completed on August 22, 2008.[21]Cite error: The <ref> tag has too many names (see the help page).

On February 10, 2010, CME Group agreed to purchase 90% of Dow Jones & Co.'s financial-indexes business, including the Dow Jones Industrial Average.[22][23] CME Group subsequently contributed Dow Jones Indexes to the formation of S&P Dow Jones Indices in exchange for a 24.4% ownership interest.[24][25] In April 2013, CME Group purchased the remaining 10% interest in Dow Jones Indexes for $80.0 million. As a result, CME Group's interest in S&P Dow Jones Indices increased from 24.4% to 27.0%.[26]

On October 17, 2012, CME Group announced it would acquire the Kansas City Board of Trade for $126 Million in cash.[27][28] The deal meant that CME Group would control trading for all wheat products except hard red spring wheat.[28]

On March 29, 2018, CME Group agreed to buy London-based NEX Group for $5.5 billion.[29][30] The acquisition was completed on November 2, 2018.[31][32]

Awards and honors

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CME Group earned a score of 100% on the Human Rights Campaign's Corporate Equality Index in 2019,[33] 2020,[34] 2021,[35] and 2022.[36]

CME Group was named to the Forbes Blockchain 50 list in 2021 and 2022.[37][38][39]

References

  1. ^ Stowell, David (2012). Investment Banks, Hedge Funds, and Private Equity. US: Elsevier Science. ISBN 9780124158207. Retrieved September 11, 2022.
  2. ^ a b "CME Group Inc.: CME Stands to Benefit From Rising Interest Rates as Volatility Returns to Its Markets". Yahoo! Finance. Yahoo!. Retrieved September 11, 2022.
  3. ^ a b "CME Group Inc. CI A". Wall Street Journal. Dow Jones & Company, Inc. Retrieved September 11, 2022.
  4. ^ Jensen, Jones (2016). Investment: Analysis and Management. US: Wiley. p. 105. ISBN 9781118975589. Retrieved September 11, 2022.
  5. ^ Sterk, Ron (August 8, 2022). "From chalkboards to computers, futures evolve with the market". Milling & Baking News. Sosland Publishing. Retrieved September 11, 2022.
  6. ^ "The CME Group of exchanges". Business Line. Kasturi & Sons. September 16, 2018. Retrieved September 12, 2022.
  7. ^ McAughtry, Laurie (September 8, 2022). "CME Group continues SOFR conversions as demand grows". The Trade. Tungsten Publishing. Retrieved September 11, 2022.
  8. ^ Basar, Shanny (April 4, 2021). "BrokerTec Benefits From Migration To CME Globex". Markets Media. Markets Media Holdings LLC. Retrieved September 12, 2022.
  9. ^ Oladipupo, Solomon (February 8, 2022). "CME Group's EBS Spot FX ADNV Rises 12% YoY to $64.5 Billion in July". Finance Magnates. Finance Magnates CY Ltd. Retrieved September 11, 2022.
  10. ^ Soumaré, Issouf (2012). Commodity Exchanges: Concepts, Tools and Guidelines. US: Edward Elgar Publishing. p. 219. ISBN 1800887035. Retrieved September 11, 2022. CME Group provides clearing services for customers around the globe through its clearing house, CME Clearing, which allows them to significantly mitigate and manage their counterparty risk. CME Clearing is an intermediary between buyers and sellers in the derivatives market.
  11. ^ "Derivatives Clearing 2014" (PDF). FIA Europe. 2014. Retrieved September 11, 2022. In derivatives markets we now see fragmentation of clearing across the likes of CME Clearing, ICE Clear, LCH.Clearnet and Eurex, not to mention the Asian clearing houses, for both OTC and exchange centrally cleared products.
  12. ^ "Advancing A Sustainable Future: 2021 Environmental, Social & Governance Report" (PDF). CME Group. 2021. p. 5. Retrieved September 11, 2022.
  13. ^ Basar, Shanny. "Exchanges Oppose FTX Clearing Proposal Before Congress". Traders Magazine. Markets Media Holdings LLC. Retrieved September 11, 2022.
  14. ^ Barrionuevo, Alexei (October 18, 2006). "2 Exchanges in Chicago Will Merge". The New York Times. Retrieved November 9, 2022.
  15. ^ Lucchetti, Aaron; MacDonald, Alistair; Taylor, Edward (October 18, 2006). "Chicago Merc to Buy Board of Trade". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved November 9, 2022.
  16. ^ Krasny, Ros (July 9, 2007). "CME buy of CBOT easily approved by shareholders". Reuters. Retrieved November 9, 2022.
  17. ^ Krasny, Ros (July 12, 2007). "CBOT shares to be delisted at close of trade". Reuters. Retrieved November 9, 2022.
  18. ^ Saphir, Ann (March 1, 2008). "Trading places". Crain's Chicago Business. Crain Communications. Retrieved November 9, 2022. Bryan Durkin admits he's 'never relaxed,' but his tension level was even higher than usual as he surveyed a bank of computer monitors at the Chicago Mercantile Exchange on Jan. 13. That was the day electronic trading at the Chicago Board of Trade shifted onto the Merc's computer system, a critical step in the $12.1-billion merger of the two Chicago futures exchanges.
  19. ^ a b de la Merced, Michael (January 29, 2008). "Commodities Markets in New York and Chicago Discuss Merger". The New York Times. Retrieved November 9, 2022.
  20. ^ a b Leising, Matthew (March 18, 2008). "Largest futures market to acquire Nymex Holdings". Bloomberg News. Retrieved November 9, 2022 – via The Philadelphia Inquirer.
  21. ^ Michael Molina; Xiaobing Li, eds. (2014). Oil: A Cultural and Geographic Encyclopedia of Black Gold. ABC-CLIO. p. 203. ISBN 9781610692724. Retrieved November 9, 2022.
  22. ^ Berman, Dennis K.; Mccracken, Jeffrey (February 11, 2010). "CME Buys 90% of Dow Jones Indexes". The Wall Street Journal.
  23. ^ Spicer, Jonathan (February 10, 2010). "CME buys 90 percent of Dow indexes in joint venture". Reuters. Retrieved November 9, 2022.
  24. ^ Leising, Matthew (July 2, 2012). "McGraw-Hill, CME Group Start S&P Dow Jones Indices Venture". Bloomberg. Retrieved December 6, 2013.
  25. ^ Smith, Simon (July 3, 2012). "S&P Dow Jones Indices formed from merger of S&P Indices and Dow Jones Indexes". ETF Strategy. Retrieved November 9, 2022.
  26. ^ "CME 10-K for the Fiscal Year Ended December 31, 2014". February 26, 2015. Retrieved June 8, 2018.
  27. ^ "CME Group to Acquire Kansas City Board of TradePrint" (Press release). Chicago / Kansas City, Missouri. October 17, 2012. Retrieved April 8, 2016.
  28. ^ a b Dornbrook, James (December 3, 2012). "CME Group wraps up $126M acquisition of Kansas City Board of Trade". Kansas City Business Journal. American City Business Journals. Retrieved November 9, 2022.
  29. ^ Sozzi, Brian (March 29, 2018). "CME Group Agrees $5.5 Billion Merger With Britain's NEX". TheStreet. Retrieved November 9, 2022.
  30. ^ "CME Group agrees to buy Michael Spencer's Nex for £3.9bn". Financial Times. March 29, 2018.
  31. ^ Sahloul, Fareed. "UK competition regulators clear CME's takeover of NEX". Financial News. Retrieved 2019-03-05.
  32. ^ "CME Group acquires Nex". November 2, 2018.
  33. ^ "Corporate Equality Index 2019" (PDF). Human Rights Campaign Foundation. 2019. Retrieved November 14, 2022.
  34. ^ "Corporate Equality Index 2020" (PDF). Human Rights Campaign Foundation. 2020. Retrieved November 14, 2022.
  35. ^ "CEI 2021 - Appendix A: Employer Ratings" (PDF). Human Rights Campaign Foundation. 2021. Retrieved November 14, 2022.
  36. ^ "CEI 2022 - Appendix A: Employer Ratings" (PDF). Human Rights Campaign Foundation. 2022. Retrieved November 14, 2022.
  37. ^ "The Blockchain 50". Forbes. February 2, 2021. Retrieved November 14, 2022.
  38. ^ "The Blockchain 50". Forbes. February 8, 2022. Retrieved November 14, 2022.
  39. ^ "CME Group Awards". CME Group. Retrieved November 14, 2022.

I would also like to suggest cutting the Open outcry section, given that (a) this same content (almost word for word) already exists on the Chicago Mercantile Exchange article, and (b) open outcry is something that has historically occurred at exchanges like Chicago Mercantile Exchange. Given that CME Group is the parent company and not an exchange itself, it doesn't make sense to include that content here.

The reference to CME Span in the article introduction could also be removed, given that the section discussing that software was recently excised.

I have a conflict of interest as I work for CME Group, so I won't be making these changes myself. I am hoping, though, that editors can review what I've put together and provide feedback or simply implement these changes if they seem like an improvement. I realize that I've laid out a lot of changes above, so please do let me know if you have any concerns. My only goal here is to make the article more accurate and readable. Thanks. Lbischel (talk) 23:49, 20 March 2023 (UTC) Country20 (talk) 01:56, 18 April 2023 (UTC)We don't need info in WP about when shareholders approved the deal, what happened to the target company's stock, what the NY Times thought about the deal and when the deal was announced, if we already have the fact that it closed.[reply]

Hi Country20, thank you for the prompt response. For clarification, I had started putting together a revised Mergers and acquisitions section based on the material already in the article before you deleted said section. So some of the framing in the proposed draft above is reflective of that earlier version. As I was trying to keep details that previous editors seemed to think were important.
That said, I agree the chronology of these deals can be trimmed back to only the essential information. How does this revised draft look?
Proposed update draft

Operations

[edit]

CME Group operates a global derivatives marketplace that allows institutions and individuals to trade futures and options based on interest rates, equity indexes, foreign exchange, energy, metals, and agricultural commodities.[1][2][3] The company runs an electronic trading platform, CME Globex, which allows customers in approximately 150 countries to trade futures and options contracts;[4][5][6] The company also operates two cash market businesses: BrokerTec, which facilitates dealer-to-dealer trading for fixed-income markets,[7][8] and EBS, which provides foreign exchange spot trading.[9] In addition, CME Group operates CME Clearing, which serves as a counterparty to every cleared transaction, including both listed and OTC derivatives, within the company’s marketplace.[10][11]

The company is headquartered in Chicago, Illinois,[2][3] and has offices in New York, Washington, and Houston in the U.S., as well as abroad in London, Singapore, Bangalore, Beijing, Belfast, Calgary, Hong Kong, Seoul, Singapore, and Tokyo.[12]

Terrence A. Duffy serves as chairman and chief executive.[13]

Mergers and acquisitions

[edit]

On July 12, 2007, Chicago Mercantile Exchange completed a merger with its historical rival the Chicago Board of Trade in an $8 billion deal that created the world's largest financial market.[14][15][16] The overarching holding company then launched as CME Group.[17]Cite error: The <ref> tag has too many names (see the help page).

On August 22, 2008, CME Group acquired New York Mercantile Exchange (NYMEX), owner of both the NYMEX exchange and the Commodity Exchange (COMEX), for $8.9 billion in cash and CME Group stock.[18]Cite error: The <ref> tag has too many names (see the help page).[19][20]Cite error: The <ref> tag has too many names (see the help page).

On February 10, 2010, CME Group agreed to purchase 90% of Dow Jones & Co.'s financial-indexes business, including the Dow Jones Industrial Average.[21][22] CME Group subsequently contributed Dow Jones Indexes to the formation of S&P Dow Jones Indices in exchange for a 24.4% ownership interest.[23][24] In April 2013, CME Group purchased the remaining 10% interest in Dow Jones Indexes for $80.0 million. As a result, CME Group's interest in S&P Dow Jones Indices increased from 24.4% to 27.0%.[25]

On December 3, 2012, CME Group acquired the Kansas City Board of Trade for $126 Million in cash.[26][27]

On November 2, 2018, CME Group acquired the London-based NEX Group for $5.5 billion.[28][29]

Awards and honors

[edit]

CME Group earned a score of 100% on the Human Rights Campaign's Corporate Equality Index in 2019,[30] 2020,[31] 2021,[32] and 2022.[33]

CME Group was named to the Forbes Blockchain 50 list in 2021 and 2022.[34][35][36]

References

  1. ^ Stowell, David (2012). Investment Banks, Hedge Funds, and Private Equity. US: Elsevier Science. ISBN 9780124158207. Retrieved September 11, 2022.
  2. ^ a b "CME Group Inc.: CME Stands to Benefit From Rising Interest Rates as Volatility Returns to Its Markets". Yahoo! Finance. Yahoo!. Retrieved September 11, 2022.
  3. ^ a b "CME Group Inc. CI A". Wall Street Journal. Dow Jones & Company, Inc. Retrieved September 11, 2022.
  4. ^ Jensen, Jones (2016). Investment: Analysis and Management. US: Wiley. p. 105. ISBN 9781118975589. Retrieved September 11, 2022.
  5. ^ Sterk, Ron (August 8, 2022). "From chalkboards to computers, futures evolve with the market". Milling & Baking News. Sosland Publishing. Retrieved September 11, 2022.
  6. ^ "The CME Group of exchanges". Business Line. Kasturi & Sons. September 16, 2018. Retrieved September 12, 2022.
  7. ^ McAughtry, Laurie (September 8, 2022). "CME Group continues SOFR conversions as demand grows". The Trade. Tungsten Publishing. Retrieved September 11, 2022.
  8. ^ Basar, Shanny (April 4, 2021). "BrokerTec Benefits From Migration To CME Globex". Markets Media. Markets Media Holdings LLC. Retrieved September 12, 2022.
  9. ^ Oladipupo, Solomon (February 8, 2022). "CME Group's EBS Spot FX ADNV Rises 12% YoY to $64.5 Billion in July". Finance Magnates. Finance Magnates CY Ltd. Retrieved September 11, 2022.
  10. ^ Soumaré, Issouf (2012). Commodity Exchanges: Concepts, Tools and Guidelines. US: Edward Elgar Publishing. p. 219. ISBN 1800887035. Retrieved September 11, 2022. CME Group provides clearing services for customers around the globe through its clearing house, CME Clearing, which allows them to significantly mitigate and manage their counterparty risk. CME Clearing is an intermediary between buyers and sellers in the derivatives market.
  11. ^ "Derivatives Clearing 2014" (PDF). FIA Europe. 2014. Retrieved September 11, 2022. In derivatives markets we now see fragmentation of clearing across the likes of CME Clearing, ICE Clear, LCH.Clearnet and Eurex, not to mention the Asian clearing houses, for both OTC and exchange centrally cleared products.
  12. ^ "Advancing A Sustainable Future: 2021 Environmental, Social & Governance Report" (PDF). CME Group. 2021. p. 5. Retrieved September 11, 2022.
  13. ^ Basar, Shanny. "Exchanges Oppose FTX Clearing Proposal Before Congress". Traders Magazine. Markets Media Holdings LLC. Retrieved September 11, 2022.
  14. ^ Barrionuevo, Alexei (October 18, 2006). "2 Exchanges in Chicago Will Merge". The New York Times. Retrieved November 9, 2022.
  15. ^ Lucchetti, Aaron; MacDonald, Alistair; Taylor, Edward (October 18, 2006). "Chicago Merc to Buy Board of Trade". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved November 9, 2022.
  16. ^ Krasny, Ros (July 9, 2007). "CME buy of CBOT easily approved by shareholders". Reuters. Retrieved November 9, 2022.
  17. ^ Krasny, Ros (July 12, 2007). "CBOT shares to be delisted at close of trade". Reuters. Retrieved November 9, 2022.
  18. ^ Michael Molina; Xiaobing Li, eds. (2014). Oil: A Cultural and Geographic Encyclopedia of Black Gold. ABC-CLIO. p. 203. ISBN 9781610692724. Retrieved November 9, 2022.
  19. ^ de la Merced, Michael (January 29, 2008). "Commodities Markets in New York and Chicago Discuss Merger". The New York Times. Retrieved November 9, 2022.
  20. ^ Leising, Matthew (March 18, 2008). "Largest futures market to acquire Nymex Holdings". Bloomberg News. Retrieved November 9, 2022 – via The Philadelphia Inquirer.
  21. ^ Berman, Dennis K.; Mccracken, Jeffrey (February 11, 2010). "CME Buys 90% of Dow Jones Indexes". The Wall Street Journal.
  22. ^ Spicer, Jonathan (February 10, 2010). "CME buys 90 percent of Dow indexes in joint venture". Reuters. Retrieved November 9, 2022.
  23. ^ Leising, Matthew (July 2, 2012). "McGraw-Hill, CME Group Start S&P Dow Jones Indices Venture". Bloomberg. Retrieved December 6, 2013.
  24. ^ Smith, Simon (July 3, 2012). "S&P Dow Jones Indices formed from merger of S&P Indices and Dow Jones Indexes". ETF Strategy. Retrieved November 9, 2022.
  25. ^ "CME 10-K for the Fiscal Year Ended December 31, 2014". February 26, 2015. Retrieved June 8, 2018.
  26. ^ Dornbrook, James (December 3, 2012). "CME Group wraps up $126M acquisition of Kansas City Board of Trade". Kansas City Business Journal. American City Business Journals. Retrieved November 9, 2022.
  27. ^ "CME Group to Acquire Kansas City Board of Trade" (Press release). Chicago / Kansas City, Missouri. October 17, 2012. Retrieved April 8, 2016.
  28. ^ Sozzi, Brian (March 29, 2018). "CME Group Agrees $5.5 Billion Merger With Britain's NEX". TheStreet. Retrieved November 9, 2022.
  29. ^ "CME Group acquires Nex". November 2, 2018.
  30. ^ "Corporate Equality Index 2019" (PDF). Human Rights Campaign Foundation. 2019. Retrieved November 14, 2022.
  31. ^ "Corporate Equality Index 2020" (PDF). Human Rights Campaign Foundation. 2020. Retrieved November 14, 2022.
  32. ^ "CEI 2021 - Appendix A: Employer Ratings" (PDF). Human Rights Campaign Foundation. 2021. Retrieved November 14, 2022.
  33. ^ "CEI 2022 - Appendix A: Employer Ratings" (PDF). Human Rights Campaign Foundation. 2022. Retrieved November 14, 2022.
  34. ^ "The Blockchain 50". Forbes. February 2, 2021. Retrieved November 14, 2022.
  35. ^ "The Blockchain 50". Forbes. February 8, 2022. Retrieved November 14, 2022.
  36. ^ "CME Group Awards". CME Group. Retrieved November 14, 2022.
As you can see, I trimmed back all of the Mergers and acquisitions details except for the Dow Jones paragraph, as the different components of that deal all seem notable.
Please let me know what you think and thank you again for looking into this. Lbischel (talk) 20:45, 20 April 2023 (UTC)[reply]

I agree that the open outcry and SPAN sections are out of place. The proposed changes look good to me. I'll be happy to take on a shot at cleaning this if no one else wants to. Cara Wellington (talk) 06:28, 26 April 2023 (UTC)[reply]

Hi Cara Wellington, thank you for offering to help. Please let me know if you have any questions about the suggestions above. I've tried to provide explanations and summaries of my proposed edits, but happy to explain further. Lbischel (talk) 19:40, 2 May 2023 (UTC)[reply]

I've completed merging your proposed edits to the article. Cara Wellington (talk) 08:55, 22 May 2023 (UTC)[reply]

Thank you so much, Cara Wellington, for taking the time to review my request and then implementing these changes. I really think the article is much stronger as a result, and the distinction between CME Group and Chicago Mercantile Exchange is now clear.
I do have two additional requests, though, that I'm hoping you can take a look at.
First, could we trim back the Awards and honors section? It's obviously nice to show how often CME Group has been recognized for various achievements, but I'm concerned that some editor in the future could find this list to be excessive and then remove the whole thing—especially as one of the bullets isn't even supported by a citation. The last three awards (Human Rights Campaign's Corporate Equality Index, Forbes Blockhain, and WatersTechnology) all seem notable, as these entities all have their own respective Wikipedia articles. Should we cut the rest?
Second, the section you added about the 2010 flash crash leads off by stating that "CME Group was at the center" of the event. The rest of the paragraph, though, makes clear that this event impacted several marketplaces. Could we instead say the following:
On May 6, 2010, stock indices including the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite, all experienced a flash crash in which prices rapidly collapsed and then quickly rebounded.[1][2] A contributing cause of the event was actions taken that morning by Navinder Singh Sarao, a British financial trader.[3] Sarao used a spoofing algorithm to place orders for thousands of E-mini S&P 500 stock index futures contracts — which traded on the CME Globex trading platform — and then replaced or modified those orders at least 19,000 times before they were canceled.[2][4][5][6] CME Group representatives had previously warned Sarao about this kind of trading.[7] The CME Globex platform halted trading in an automated response to the May 6 activity due to the presence of emergency-use regulatory measures referred to as "circuit breakers," while the New York Stock Exchange, which did not have such circuit breaker measures in place, allowed trading to continue.[8][9] The flash crash led to the implementation of coordinated cross-market circuit breakers.[8][9]
Does this wording work? Please let me know what you think. Lbischel (talk) 16:48, 26 May 2023 (UTC)[reply]
No problem. Let me digest your proposed changes for a bit and see what I can do about that part. Cara Wellington (talk) 19:27, 29 May 2023 (UTC)[reply]
Thank you, Cara Wellington, I look forward to your thoughts once you've had a chance to digest. Lbischel (talk) 19:58, 31 May 2023 (UTC)[reply]
Cara Wellington, I've been reviewing COI edit requests and have flagged this one as answered. Do you still plan on integrating the additional requests? Throast {{ping}} me! (talk | contribs) 16:29, 22 June 2023 (UTC)[reply]
Hi, Throast. Cara does not appear to be active at the moment. Is this proposed rewording possibly something you could look at? Should I post as a new request? Lbischel (talk) 21:44, 26 June 2023 (UTC)[reply]
I've implemented the first out of your two additional requests. In your second request, CME Group isn't mentioned until about halfway into the paragraph. I don't see how all of this preamble is useful. Maybe rephrase the paragraph so that CME's involvement in the situation is clear from the beginning? Throast {{ping}} me! (talk | contribs) 22:43, 26 June 2023 (UTC)[reply]
Appreciate you trimming back the awards, Throast. For the second request, how about this wording:
Spoofing on the CME Globex trading platform is thought to be a contributing cause to the 2010 flash crash.[10] On May 6, 2010, stock indices including the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite, all experienced a flash crash in which prices rapidly collapsed and then quickly rebounded.[1][2] So-called "spoofing" trading that morning by Navinder Singh Sarao, a British financial trader, is believed to have contributed to the event.[3] Sarao used a spoofing algorithm to place orders for thousands of E-mini S&P 500 stock index futures contracts — which traded on the CME Globex trading platform — and then replaced or modified those orders at least 19,000 times before they were canceled.[2][4][5][6] CME Group representatives had previously warned Sarao about this kind of trading.[7] The CME Globex platform halted trading in an automated response to the May 6 activity due to the presence of emergency-use regulatory measures referred to as "circuit breakers," while the New York Stock Exchange, which did not have such circuit breaker measures in place, allowed trading to continue.[8][9] The flash crash led to the implementation of coordinated cross-market circuit breakers.[8][9] Lbischel (talk) 16:11, 10 July 2023 (UTC)[reply]

References

  1. ^ a b Treanor, Jill (April 21, 2015). "The 2010 'flash crash': how it unfolded". The Guardian. Retrieved May 25, 2012.
  2. ^ a b c d Kirilenko, Andrei; Kyle, Albert S.; Samadi, Mehrdad; Tuzun, Tugkan (May 5, 2014), The Flash Crash: The Impact of High Frequency Trading on an Electronic Market (PDF), retrieved May 25, 2023
  3. ^ a b Vaughan, Liam (May 12, 2020). "The Work-From-Home Trader Who Shook Global Markets". Bloomberg. Retrieved May 25, 2023.
  4. ^ a b Brush, Silla; Schoenberg, Tom; RIng, Suzi (April 21, 2015). "How a Mystery Trader With an Algorithm May Have Caused the Flash Crash". Bloomberg. Retrieved May 25, 2012. That same day, Sarao and his firm, Nav Sarao Futures Limited Plc, used "layering" and "spoofing" algorithms to trade thousands of futures S&P 500 E-mini contracts. The orders amounted to about $200 million worth of bets that the market would fall, a trade that represented between 20 percent and 29 percent of all sell orders at the time. The orders were then replaced or modified 19,000 times before being canceled in the afternoon. Cite error: The named reference "Brush" was defined multiple times with different content (see the help page).
  5. ^ a b Vuorenmaa, Tommi; Wang, Liang (October 2013), "An Agent-Based Model of the Flash Crash of May 6, 2010, with Policy Implications", VALO Research and University of Helsinki, SSRN 2336772
  6. ^ a b Brush, Silla; Schoenberg, Tom; Ring, Suzi (April 22, 2015), ""How a Mystery Trader with an Algorithm May Have Caused the Flash Crash"", Bloomberg News, retrieved April 25, 2015
  7. ^ a b La Rouche, Julia (April 21, 2015). "The trader allegedly connected to the 2010 'Flash Crash' supposedly bragged about telling the CME 'kiss my a--'". Insider. Retrieved May 25, 2023. As reflected in correspondence with both Sarao and [a futures commission merchant] he used, the CME observed that, between September 2008 and October 2009, Sarao had engaged in pre-opening activity-specifically, entering orders and then canceling them-that 'appeared to have a significant impact on the Indicative Opening Price.' The CME contacted Sarao about this activity in March 2009 and notified him, via correspondence dated May 6, 2010, that 'all orders entered on Globex during the pre-opening are expected to be entered in good faith for the purpose of executing bona fide transactions.' The CME provided a copy of the latter correspondence to Sarao's FCM, which suggested to Sarao in an email that he call the FCM's compliance department if he had any questions. In a responsive email dated May 25, 2010, Sarao wrote to his FCM that he had 'just called' the CME 'and told em to kiss my ass.'
  8. ^ a b c d Subrahmanyam, Avanidhar (September 2013). ""Algorithmic trading, the Flash Crash, and coordinated circuit breakers"". Borsa Istanbul Review. 13 (3): 4–9. doi:10.1016/j.bir.2013.10.003.
  9. ^ a b c d "Investor Bulletin: Measures to Address Market Volatility". Cite error: The named reference "Investor" was defined multiple times with different content (see the help page).
  10. ^ Leising, Matthew (September 23, 2020). "Spoofing". Bloomberg. Retrieved June 27, 2023 – via Washington Post.


Request for infobox update

[edit]

Hello again, Wikipedia editors. I'm back with a very simple request: I'd appreciate it if editors could update the Key people section of the infobox to show that Lynne Fitzpatrick is now CFO, as John W. Pietrowicz has moved to a new role as special adviser. You can find a Form 8-K confirming this transition here, and coverage of the announcement in Reuters here. The Bloomberg profile of Ms. Fitzpatrick also reflects her CFO title.

I have a conflict of interest as I work for CME Group, so I won't be making this change myself. Please let me know if you have any questions. Thanks. Lbischel (talk) 15:44, 22 June 2023 (UTC)[reply]

 Done. Thanks, Lbischel. Throast {{ping}} me! (talk | contribs) 16:33, 22 June 2023 (UTC)[reply]
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