JPMorgan Chase is pulling its agricultural commodity brokers from the options floor in Chicago amid a shift to electronic trading.
Bloomberg News reports that the bank will no longer have a floor presence in agricultural options including corn, soybeans and wheat, the company confirmed. JPMorgan has six brokers trading farm-commodity options on the floor of the Chicago Board of Trade, according to people familiar with the matter, who asked not to be identified because they aren’t allowed to speak to the media.
The decision reflects the continued move to electronic trading. CME Group, the world’s largest derivatives exchange, announced in 2015 it was closing floor trading for most futures contracts in Chicago and New York as open outcry in futures trading handled by the bourse had fallen to just 1 percent of volume.
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