Futures Pits To Close In Chicago and New York
All futures pits, except the S&P 500 futures, in Chicago and New York operated by the CME Group are to be closed in July 2015. This means the only futures pit to remain open is the S&P 500 futures.
This does not come as a shock, as rumors of this possibility had been heard or kind of expected, but the news still makes me go Ohh.
According to Anita Liskey of CME Group, the "volume in futures have dropped 75 percent in the last five years, customers are choosing the electronic venue". I believe the futures of the futures pits being closed will continue to be traded, but in electronic form only, with the exception of S&P 500 futures.
As stated by the CME Group announcement, "open outcry futures trading has fallen to just one percent of the company's total futures volume". Meaning the public futures trading done in the pits by yelling out and gesturing is now 1% or less of their trade volume.
Some will close earlier than July, 2015. The "equity index futures pits and the DJIA ($10) and NASDAQ-100 options pits will close following the expiration of the June 2015 contract on June 19, 2015".