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badcompany
02-05-2015, 05:33 PM
Who would've thought that computers matching orders would be more efficient than guys yelling bids across a room? ;)

http://www.reuters.com/article/2015/02/05/us-cme-group-closure-idUSKBN0L82QJ2015020

(Reuters) - The world's largest futures market operator will shutter almost all of its open-outcry futures pits by July 2, ringing the closing bell on a once-raucous tradition that has been in decline since the rise of computerized trading.

The decision by CME Group Inc (CME.O), announced on Wednesday, ousts traders of products ranging from grain and livestock in Chicago to gold and oil in New York. Once the only way to buy or sell a futures contract to hedge against price moves, open-outcry trading is now only 1 percent of total futures trading volume, according to the exchange operator.

reckless
02-06-2015, 04:50 AM
Who would've thought that computers matching orders would be more efficient than guys yelling bids across a room? ;)

http://www.reuters.com/article/2015/02/05/us-cme-group-closure-idUSKBN0L82QJ2015020

(Reuters) - The world's largest futures market operator will shutter almost all of its open-outcry futures pits by July 2, ringing the closing bell on a once-raucous tradition that has been in decline since the rise of computerized trading.

The decision by CME Group Inc (CME.O), announced on Wednesday, ousts traders of products ranging from grain and livestock in Chicago to gold and oil in New York. Once the only way to buy or sell a futures contract to hedge against price moves, open-outcry trading is now only 1 percent of total futures trading volume, according to the exchange operator.

The exchanges first opened up in the 1850s - 1860s.