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CME calls time on New York open outcry options floor

Section: Daily Dispatches

By Lindsay Whipp
Financial Times, London
Thursday, April 14, 2016

CHICAGO -- Another nail has been knocked into the coffin of commodities pit trading in America, as the Chicago Mercantile Exchange said it is to close its open outcry options floor in New York because of a lack of volume.

The move follows the closure last year of its open outcry futures pits in Chicago and New York. Following its closure at the end of this year after 34 years of operation, there will remain just two open outcry trading pits at the CME: its options pit and its S&P 500 futures contracts floor.

Only oil and metal options were being traded in the New York options outcry pit and much of that was block trading, which is done by phone and instant message. The CME said on Wednesday that it represented just 0.3 per cent of its overall energy and metals trading volume. ...

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