United States

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 

Factbox: London Metal Exchange lays out timeline for reform

LONDON The London Metal Exchange has laid out the timeline for its plans to reform and reverse declining volumes ahead of an annual gathering of the metals industry in London starting Oct. 30.

LME to slash some fees to win back volumes as rivals circle

LONDON The London Metal Exchange sought on Thursday to win back trading volumes by proposing a cut in fees for trades crucial to its physical user base as rivals gear up to offer alternatives.


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

LME to upgrade electronic trading system after complaints

LONDON The London Metal Exchange (LME) is set to upgrade and strengthen its electronic trading system after falling volumes and user complaints about outages and poor functionality.

Chamberlain chosen as LME chief with mandate to reform

LONDON Matt Chamberlain was named London Metal Exchange (LME) chief executive on Friday, with a mandate from its owner the Hong Kong bourse to reform the world's largest and oldest metals market.

Exclusive: ICE talking to former LME chief about new metals platform

(Story refiles to insert dropped letter in first paragraph of Tuesday report)

We need to talk about the London Metal Exchange: Andy Home

LONDON It's time to talk about the London Metal Exchange (LME).

Are the metals men right to rage against the machines?

LONDON It's a debate that has raged in other parts of the financial universe for years.

Volumes down, discontent up on the London Metal Exchange: Andy Home

LONDON Volumes are falling. Discontent is rising. Even the London Metal Exchange's (LME) new building in Finsbury Square was a let-down.

Disruption to open outcry trading hits LME volumes

LONDON The temporary relocation of open outcry trading at the London Metal Exchange (LME) to a disaster recovery site due to problems at its new offices hit volumes hard during the already quiet summer months, broking sources said.

London Metal Exchange has no plans for further fee cuts

LONDON The London Metal Exchange (LME) plans no further fee cuts after announcing lower charges for short-dated trades last week, which industry sources saw as an attempt to halt a slide in trading volumes. [AHOME/]

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