Chicago and New York commodity traders aren't ready to call it quits

Commodity traders in Chicago and New York aren’t ready to call it quits even after CME Group shut most of the futures pits in both cities.

Bloomberg News reports that some brokers and traders will rent booths as office space to trade futures electronically as more active options pits for energy to grains stay open.

The owner of the Chicago Mercantile Exchange and the New York Mercantile Exchange announced the decision in February because open outcry deals accounted for just one percent of futures volume.

'We are still going to stay in business on the floor', Roger Smith, a 60-year New York copper broker who’s been trading on the floor since 1983, said by phone July 1. 'We still have information we can give long-time customers' from sitting among peers and near the active options pits, though it may be a little harder to get, he said.

Smith will commute from his Long Island home to the Nymex in lower Manhattan to trade electronically from a booth on the trading floor.

To access the complete Bloomberg News article hit the link below:

New York, Chicago Traders Forced to Quit Pits Move Next Door

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