The silence of the pits

A defining symbol of Chicago business is going the way of the stockyards. But it’s not going without a fight.

For generations, the commodity trading pits have brought together buyers and sellers in a cacophony of arm-waving and shouting known as open outcry.

CME Group, owner of the Chicago Mercantile Exchange and Chicago Board of Trade, recently imposed a new rule that threatens what’s left of the traditional trading method. CME has said it is acting in the interests of customers who increasingly use electronic systems to trade. The rule uses data from those systems to help set final settlement prices each day…Keep reading

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