The CME Group Outage, November 2025: Human Error Froze $1 Trillion in Derivatives. A Post-Mortem on Who Made Money, Who Was Neutralized, and the Structural Risk That Remains Unfixed.
Market Structure / Derivatives / Infrastructure Risk
A cooling tower was improperly drained in Aurora, Illinois the night before Thanksgiving. By the following morning, the global derivatives spine had been paralyzed. Most participants were helpless. A few — by design — were not.
