Chicago Pits: End of an Era


Closing of Chicago trading pits: a requiem for family ties

Thomas Cashman looks at some old family photos belonging to John Pietrzak (R) on the Chicago Board of Trade grain trading floor in Chicago, Illinois, United States, June 9, 2015.  REUTERS/Jim Young

The closure of open-outcry futures trading is bringing an end to surprisingly close connections among traders that have characterized the Chicago exchanges for decades.  Full Article 

LME to reopen iconic trading floor, but says electronic trading is future

LONDON (Reuters) -The London Metal Exchange has abandoned proposals to close its open outcry trading floor, the last such venue in Europe, it said on Tuesday, but added it believes electronic trading is the future.

London Metal Exchange to decide fate of iconic open-outcry "ring"

LONDON The London Metal Exchange will tell its members on Tuesday whether its iconic open outcry floor is to close for good, cementing the switch to electronic trading, a move strongly opposed by many of the exchange's users.


Traders' sign language goes the way of Latin and Aramaic


Closing the CME's futures trading pits will consign the last practitioners of a sign language based on buying and selling contracts to electronic terminals.  Video 

More stories

Column: LME's plan to end open outcry meets growing resistance

LONDON The London Metal Exchange's (LME) proposal to end 144 years of open outcry trading is running into opposition from both brokers and industrial users.

Exclusive: LME data to support end to open outcry is misleading, brokers say

LONDON Two commodities brokers say data the London Metal Exchange is using to support its proposal to shut its trading floor for good exaggerates the increase in the use of electronic platforms during coronavirus lockdowns.

Column: Virtual LME Week another blow to exchange's physical past - Andy Home

LONDON Welcome to Virtual London Metal Exchange (LME) Week. No lavish cocktail rounds, no black-tie dinner at the Grosvenor House Hotel, no after-parties and no hung-over breakfast meetings.

Cacophony of voices on LME floor may not be heard for many months

LONDON The London Metal Exchange's open outcry trading floor may remain closed for many more months as it cannot be reopened under COVID-19 social distancing restrictions, the head of the exchange said.

Ending an era, CME Group to shutter most futures pits

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.  Full Article 

Open-outcry trading stood no chance, says futures 'father' Melamed

Leo Melamed is known as "the father of financial futures," and on the day electronic futures trading killed off its pit-style sibling, Melamed said it was all for the best.  Full Article 

Rowdy 'open outcry' reaching quiet end for longtime CBOT corn trader

The boisterous world Kevin Duffy entered 34 years ago to run paper slips into trading pits at the Chicago Board of Trade was an age apart from today, when open-outcry trading only intermittently disrupts the quiet hum of computers.  Full Article 

CME options traders see open outcry resisting fate of futures pits

Traders packed shoulder-to-shoulder in Chicago's grain options pits are confident closure of the neighboring futures space did not herald the imminent demise of their business, despite eroding trading volumes and improving technology.  Full Article 

Flashy jackets of Chicago traders may soon exist only on the silver screen

For tailor Peter Papageorge,making the vibrant jackets worn by traders on the floors of exchanges in Chicago and New York used to be the bulk of his business. Now, it is pretty much a novelty as the old-fashioned open outcry trading shrivels and dies.  Full Article 




All quiet on the CME

After 167 years, the CME's open outcry system for trading futures closed on Monday. Bobbi Rebell reports.  Video 


CME to close trading pits after 167 years

It is the end of an era in Chicago, where the CME Group will soon begin dismantling most of its futures pits as trading migrates to screens.  Video 


The Futures Past

The open outcry pits in Chicago's futures markets have weathered many changes since their inception. Browse an interactive timeline of the notable events from the last 167 years.  Timeline