The present invention uses multiple global cooling chambers for providing liquid cooling to a plurality of electronic components. The global cooling chambers utilize a non-electrically conductive fluid which is in direct contact with the components to be cooled. The system provides very effective heat transfer rates, environmental isolation of the electronics components and can be deployed in a wide range of applications. Multiple global cooling chambers allows for the hot swapping of cards during operation of the system. Valves provide the ability to minimize the amount of interaction between the cooling fluid and air outside the chambers.