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  • The risks of killing the CME pits: David Greenberg Friday, 6 Feb 2015 | 3:05 PM ET
    David Greenberg

    Former CME trader David Greenberg recalls the rush of trading in the pits — and the risks of letting electronic trading take over.

  • 'The Wolfman' on life after the CME pits Friday, 6 Feb 2015 | 11:35 AM ET
    Gladiator

    The trader known as "The Wolfman," who stood behind Rick Santelli in many a CME live shot, laments the closing of the pits—the "Colosseum" for futures traders.

  • *fourth-qtr adj profit $0.64/ shr vs. est $0.66. Feb 6- CBOE Holdings Inc, operator of the largest U.S. stock-options market, reported a lower-than-expected quarterly profit as higher expenses offset a surge in trading volumes. Net income allocated to common stockholders rose to $49.1 million, or 58 cents per share, in the fourth quarter ended Dec. 31, from $45.6...

  • UPDATE 1-CBOE profit misses estimates as costs rise Friday, 6 Feb 2015 | 8:19 AM ET

    Feb 6- CBOE Holdings Inc, operator of the largest U.S. stock-options market, reported a lower-than-expected quarterly profit as higher expenses offset a surge in trading volumes. Increased volatility has lifted trading volumes since CBOE said in the second quarter it would cut expenses due to weak volumes. Last year, total trading volume for options contracts...

  • CHICAGO, Feb 5- 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. Papageorge's family founded Peco Inc, based on the southwest side of Chicago, in 1919. The company bills itself as the largest manufacturer of the flashy trading jackets that are as colorful as...

  • NEW YORK, Feb 5- CME Group Inc will save $10 million per year after it shuts nearly all of its futures pits in New York and Chicago, a spokesman said on Thursday, as the world's biggest futures exchange pushes ahead with cost-cutting measures. While that may be a significant saving in a single step, he said that sum represents only a quarter of the total cost of running...

  • End of an era at the Chicago Mercantile Exchange   Thursday, 5 Feb 2015 | 3:17 PM ET
    End of an era at the CME

    CNBC's Rick Santelli, a veteran of the pits at CME, breaks down what the closure of the futures pits means for the exchange and its traders.

  • NEW YORK, Feb 5- CME Group Inc will save $10 million per year in expenses after it shuts nearly all of its open-outcry futures pits in New York and Chicago in early July, a spokesman said on Thursday. That sum represents a quarter of the total cost of running its trading floors, he said, ahead of the release of the Chicago- based exchange's fourth-quarter results later...

  • The London Metal Exchange plans to hold fast as the last bastion of open outcry trading, even after the world's largest futures market operator, CME Group Inc, said it would shut almost all its open-outcry futures pits by July 2. The impact of CME's move will stretch from grain and livestock pits in Chicago to gold and oil trading in New York. "The LME is a much more of a...

  • "I believed this would be the eventual outcome, and I never had a doubt," Melamed, chairman emeritus of CME Group, told Reuters on Wednesday. When he was chairman of the Chicago Mercantile Exchange, predecessor to the CME Group, Melamed introduced electronic trading to the futures industry in 1992 in the form of a computerized system called Globex.

  • The decision by CME Group Inc ousts traders of products ranging from grain and livestock in Chicago to gold and oil in New York after open-outcry volume dropped to only about 1 percent of total futures trading. "We all knew it was going to end," said Jerry Israelov, who has spent 25 years in CME's open-outcry pits in Chicago, including the last 10 years trading wheat...

  • TIMELINE-Key dates in the history of CME Group Wednesday, 4 Feb 2015 | 8:30 PM ET

    Feb 4- CME Group Inc announced on Wednesday that it would shutter most of its open-outcry trading pits by July 2, bringing an end to the once-raucous tradition of face-to-face price discovery that has been in decline since the rise of computerized trading. Following are key dates in the 167- year history of the exchange, according to the exchange operator:.

  • CHICAGO, Feb 4- CME Group Inc will shutter most of its open-outcry futures pits by July 2, the world's largest futures market operator said on Wednesday, bringing down the curtain on a once-raucous tradition that has been in decline since the rise of computerized trading. The decision ousts traders of products ranging from grain and livestock to gold from...

  • Feb 4- Most open-outcry futures trading pits in Chicago and New York will close by July 2 due to almost all trading having moved to electronic platforms, the CME Group Inc said on Wednesday. Only about 1 percent of total futures volume takes place in the pits where traders shout and use hand signals to conduct business. The S&P 500 futures and options pits will...

  • CHICAGO, Jan 30- GFI Group Inc shareholders on Friday voted down a proposed takeover by CME Group Inc, the companies said, opening the door for a hostile bid from rival BGC Partners. CME Group, the world's largest futures exchange operator, for months has been locked in a bidding war for GFI Group, a derivatives broker, with BGC Partners Inc.. CME Group had planned to...

  • CME Group, the world's largest futures exchange operator, for months has been locked in a bidding war for derivatives broker GFI Group with inter-dealer broker BGC Partners Inc. CME Group first agreed to acquire GFI Group last July for a total of around $820 million. CME Group had pursued GFI Group to acquire two GFI units that would allow it to expand its reach in...

  • LONDON, Jan 15- Hit with a "meteorite" on Thursday as Switzerland cut its franc currency loose, the foreign exchange market nevertheless managed to stay on its feet. On the EBS trading system, one miss-hit saw the euro quoted at 0.0015 francs, having spent the last few months ranging between 1.20 and 1.21 francs. For market participants, that is just very difficult to...

  • NYMEX-US crude rises above $49 after best day since 2012 Wednesday, 14 Jan 2015 | 7:22 PM ET

    SINGAPORE, Jan 15- U.S. crude rose for a second session on Thursday after surging nearly 6 percent in the previous session in its biggest gain since June 2012 as traders with expiring options bought back futures. *U.S. crude for February delivery was up 43 cents at $48.91 a barrel by 0005 GMT, after briefly hitting a session high of $49.59. *Exchange operator Nasdaq OMX...

  • NEW YORK, Dec 30- California- based bond firm Pimco has dismissed money manager Rahul Seksaria after CME Group Inc, the world's largest futures market operator, fined him for a trading violation. In a notice online, CME Group said that Seksaria "orchestrated and prearranged trades in the June 2015 Eurodollar futures contract opposite one of his employer's client...

  • Pimco fires money manager after CME Group violation Tuesday, 30 Dec 2014 | 3:49 PM ET

    NEW YORK, Dec 30- California- based bond giant Pimco has dismissed money manager Rahul Seksaria after CME Group Inc, the world's largest futures market operator, fined him for a trading violation. In a notice online, CME Group said that Seksaria "orchestrated and prearranged trades in the June 2015 Eurodollar futures contract opposite one of his employer's...