CME Halts Gold Trading For 20 Seconds After Sudden Price Drop

CME Group Inc (NASDAQ:CME) halted gold trading on the COMEX exchange Thursday morning because of excessive price volatility, as reported by Matt Day for The Wall Street Journal. CME Group’s automated program CME Group Inc (NASDAQ:CME) uses a program called Stop Logic that pauses automated trading for up to 20 seconds depending on market conditions. Stop Logic halted orders in December, for delivery gold futures at 2:54 a.m. Eastern time for the full 20 second period, CME’s spokesperson said. The program was triggered when futures prices climbed toward $1,350 an ounce, setting off a large number of sell orders which then…