Proactive Measures Taken by CME Group
On March 13, the Chicago Mercantile Exchange (CME) Group, known for its innovative Bitcoin Futures launch, made a significant decision to close its trading floor. This move, however, doesn’t mean that trading is taking a vacation. Instead, it’s about keeping 450 traders and floor staff safe from the pesky little virus that everyone wishes would just take a hike.
The Current State of Financial Markets
The financial markets are on a rollercoaster ride that nobody signed up for, with the Dow Jones Industrial Average plummeting a staggering 1,500 points in a single day. Talk about a gut punch! The impact of the coronavirus pandemic has sent shockwaves throughout the economy, causing panic among investors.
CME’s Position on Safety
Despite the trading floor closure, CME emphasized in a statement, “No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building.” They also noted that the situation will continue to be evaluated based on medical guidance. So, while it looks like a precautionary retreat, they’re still in the game. Safety first!
Wider Impact of Coronavirus on Global Markets
The pandemic has been a game-changer, leading to massive disruptions around the world. Flights to and from China are practically grounded, Italy’s closed its doors, and travel restrictions are reshaping the boundaries of Europe and the United States. Who knew a little virus could create such chaos? As for the New York Stock Exchange, it remains open for now, despite the rising number of COVID-19 cases in the city.
Work-from-Home Policies Emerging
In light of the outbreak, several companies are implementing work-from-home policies. Coinbase and Messari, both key players in the crypto space, are keeping their teams at home until further notice. Even the Winklevoss Twins are jumping on the remote-working bandwagon. Sometimes the most innovative solutions come when we least expect them.
Keeping an Eye on Health and Safety
As of now, the U.S. has confirmed 1,322 COVID-19 cases and reported 38 deaths. These numbers are sobering and serve as a reminder that health should always come before profits. For traders, adapting to this new normal may mean changing strategies, but it also means being smart and safe about how they do business.
