Chicago future pits gone now

[lamboguy]

Monday was the first day of no
live traders in the commodity exchanges in Chicago.

every time you make a trade a robot is on the other side of your trade, and they don't make mistakes!

anyone trading these markets, good luck i really hope you beat the game, but i doubt it.

those robots are even more accurate than the ones in racing.

[davew]

the computer is just matching 2 sides of a trade aren't they?


isn't it similar to betfair that matches 2 party's wagers?




or are you saying there will be many more 'bots' that have algorithms for scalping, frontrunning, baiting, ......

[PaceAdvantage]

So cattle has gone all electronic? They were one of the last of the holdouts if I remember correctly...

[ThinkingAlways]

I worked on the floor during college -- both financials and ag. I remember when all the pits were on the same small floor that became the bond pits in the early 80s. Fun, crazy times. I guess I'll have to watch Ferris Bueller to see it again.

[PaceAdvantage]

You could also check out this documentary:

tCcxr-fyF4Q

[badcompany]

the computer is just matching 2 sides of a trade aren't they?


isn't it similar to betfair that matches 2 party's wagers?




or are you saying there will be many more 'bots' that have algorithms for scalping, frontrunning, baiting, ......

Trading floors are a relic of a bygone era. They should have been gone 20 years ago, but creative destruction tends to be unpopular among those being destroyed. So, the exchanges fought electronic trading tooth and nail, citing the need for the "human touch."

They'd have you believe that maniacs shouting bids across a room is more efficient than computers matching orders, but, in the end, progress prevailed.

[TBD]

Wow, I wonder if the people on the floor were making more than $15.00 a hour.