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