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02.05.15

CME Group to Close Most Open Outcry Futures Trading in Chicago and New York by July; Most Options Markets to Remain Open

Please see the message below from the CME Group.

To Our Members,

This afternoon, CME Group announced that we will be closing most open outcry futures pits in Chicago and New York by July 2. The S&P 500 Standard Futures pit, which continues to provide an important venue for trading the underlying futures contract for the S&P 500 options on futures contract, will remain open, as will all options pits in both locations except for the DJIA ($10) and NASDAQ 100 options markets.

With the exception of the S&P 500 futures and options on futures markets which will remain open beyond July, equity index futures pits and the DJIA ($10) and NASDAQ-100 options pits will close following the expiration of the June 2015 contract on June 19, 2015. All other futures pits will close on July 2. In addition, in Chicago, all options pits will be located on a single floor in the company’s Financial Room by September, and the Denali order routing and Galax-C handheld trading systems will be decommissioned by July.

We have always been committed to maintaining an efficient marketplace for our global customer base. And, unlike our competitors, we have provided a choice of venue by supporting open outcry trading for many years, allowing market participants to adapt as volume shifted to the screen. However, open outcry futures volume has decreased by 75 percent since 2008, and now accounts for just one percent of our overall futures volume. On the options side, we still see active trading on both the floor and the screen, and we will continue to keep those open outcry markets open as long as our customer base continues to show a viable preference for using both venues.

We look forward to meeting with you and talking further about this transition for our markets.

Sincerely,

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The information contained herein is from sources believed to be reliable, but we can not guarantee either its accuracy or completeness. The information is provided for informational purposes only. Nothing contained herein shall be construed as a recommendation to buy or sell commodity futures or options on futures.

 

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