Citigroup will close its trading desks on the Chicago Board of Trade's grain and financial floors at the end of September and will move most of its floor staff to Citi's office in Chicago, a source familiar with the situation told Reuters on Friday.
Reuters reports that Citi's move away from the storied CBOT floor is the latest in an ongoing exodus, prompted by the shift of the vast majority of trading volume in grains and other products to electronic trading platforms.
For years, Citi was a fixture in trading pits that established Chicago as the centre of the world's futures trade more than a century ago.
Citi has a sales staff of about 20 in Chicago who handle trading in interest rate products, equities and commodities. Most will keep their jobs except for those whose jobs that are tied to floor activity, such as floor runners, according to the source.
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