CME Reports Second Coronavirus Case in Eurodollar Options

02 Oct 2020, 04:28 AM IST

(Bloomberg) -- A second case of the novel coronavirus on CME Group Inc.’s trading floor this week has yet to disrupt the exchange’s operations, but it’s stoking concern about another closure of the eurodollar options pit.

Eurodollar options are the only CME product for which open-outcry trading had resumed after being shut down in March.

The Chicago-based bourse said “an individual in our trading floor community has tested positive for Covid-19,” according to a memo sent to members late Wednesday. The infected person last accessed the eurodollar options pit Wednesday and continues to be asymptomatic, it said. The exchange notified members Monday of the first case since the bourse reopened it on Aug. 10.

So far, the reports don’t appear to be scaring anyone away, said Todd Colvin, senior vice president in fixed-income options sales with Ambrosino Brothers.

“The crowd in the pit is about the same and we are following the protocols,” Colvin said. He said security is tight; guards monitor social distancing and the duration of interactions, aided by stickers on the floor telling people where they can stand. Still, “we are concerned that the CME will close” the floor, Colvin said.

“We continue to monitor the circumstances of any confirmed case on our trading floor and will communicate that information to our trading community,” a CME spokeswoman said.

CME is disinfecting, contract-tracing and asking people at risk to self-quarantine, CME said in the Wednesday memo.

Since the reopening, CME has limited pit access to members and their employees, plus CME trading floor staff, who all undergo a temperature screening when entering the building and must sign liability waivers. Face masks are required, and movement within the pit is restricted.

While most of its products are traded electronically, open-outcry was still available for eurodollar options along with corn, soybeans and Treasury options until March. The practice poses a unique challenge among business-reopening efforts as it involves people negotiating trades by congregating and calling out to each other across a room.