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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...
The CME Group will close most of its open out-cry futures trading in Chicago. Executive chairman and president Terry Duffy explains the decision.
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.
Chicago trader Jeff Kilburg says goodbye to the CME's futures trading pits and looks optimistically toward the electronic future.
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...
Despite the free-for-all appearance of the trading pits, CME Group's decision to shut down in-person futures trading could have an impact on orderly markets.
The CME Group announced it will close most of its open outcry futures pits, with CNBC's Jackie DeAngelis, and Anthony Grisanti, GRZ Energy.
CNBC's Rick Santelli provides insight to the changing futures pits at the CME Group.
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...
U.S. stock index futures signaled a higher open, ahead of key media company earnings and after the ECB put more pressure on Greece's new government.
Some of the names on the move ahead of the open.
"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...
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...
CME Group says it will close most of its futures trading pits in Chicago and New York City by July 2, 2015.
U.S. stocks closed sharply higher on encouraging news from the Eurozone and stronger oil prices.
Gold fell 1 percent on Monday as traders cashed in gains that took the metal to five-month highs last week.