Out of the pits: “Open outcry” is in retreat but futures and options trading-volumes surge

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A long era of trading closes as the underlying business gathers steam

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Out of the pits

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Futures and options trading

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standard article

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The indecisive prime minister

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Out of the pits

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CHICAGO

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Nothing to outcry about

Nothing to outcry about

AS A new trading year began this week in the art-deco tower that houses the Chicago Board of Trade, big men were clustered around pits dealing in futures and options tied to various commodities. Their approach dates back to the building’s opening in 1930, and was once familiar in cities throughout America. But after decades of attrition, on December 30th the CME Group (named after the Chicago Mercantile Exchange) closed the “open outcry” trading …

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