CME turns down the volume on open outcry trading

CME turns down the volume on open outcry trading

It's the end of an era in Chicago as the CME Group announces plans to close most of its open outcry futures trading pits in the summer.

With open outcry futures trading falling to just one percent of the company's total futures volume, CME says it will close most of its futures trading pits in Chicago and New York by 2 July, 2015.

The floor-based S&P 500 futures market, which continues to provide an important venue will remain open on the Chicago trading floor.

Options on futures contracts, which remain more difficult to trade on the screen, will remain open on both trading floors except for the DJIA ($10) and NASDAQ-100 open outcry equity index options markets which are designed to deliver into floor-based futures contracts.

In Chicago, all options pits will be located on a single floor in the company's Financial Room by September.

The CME says it will make "every attempt" to make booth space available to those who want to trade electronically following the closure of the open outcry futures pits.

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