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‘New normal’ includes phase out of Chicago’s famous financial futures trading pits

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CHICAGO (WEEK) - Financial futures trading won't be quite the same when life returns to a new normal after the COVID-19 pandemic.

Chicago is famous for traders yelling out their buy and sell orders in a practice known as open outcry trading.

Tuesday, CME Group announced it will not reopen trading pits where open outcry occurred for futures and options on the S&P 500. Those pits closed in March of last year when the pandemic started, and the floor-traded markets will no longer be listed at the exchange as of September 17.

Long before COVID-19, open outcry participation had fallen sharply as more people moved to online trading.

CME Group said it will continue open outcry trading of its heavily-traded options on Eurodollar interest rate futures.

CME Group owns the Chicago Mercantile Exchange and the Chicago Board of Trade.

Howard Packowitz

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