Due to a technical revision to its filing with the CFTC, CME Group today announced that it will delay the closing of its futures pits in Chicago and New York.
Previously scheduled to take place on Thursday, July 2, the last day for most open outcry futures trading is now expected to take place on Monday, July 6, pending expiration of CFTC review periods. During its review, the CFTC could further delay the closure for up to 90 days.
The decision to close open outcry futures trading was originally announced in February after floor volumes had fallen to just one percent of the company's total futures volume. The floor-based S&P 500 futures market, which continues to provide an important venue for trading the underlying futures contract for the open outcry S&P 500 options on futures contract, will remain open on CME Group's Chicago trading floor.
The delay to July 6 will not impact plans to locate all options pits in Chicago on a single floor in the company's Financial Room by September.