When CME Group announced most “open outcry” commodity trading pits won’t reopen after pandemic closures, it marked the official end to an era that helped cement the city as a Midwest hub—and helped generations of Chicagoans crack the door to careers in the financial world.
The Chicago-based exchange said in-person trading for all products other than Eurodollar options are finished. CME, one of the world’s largest derivatives exchange, had already closed floor trading for most futures contracts in Chicago and New York in 2015 as open outcry had fallen to just 1 percent of total volumes. The options pits in Chicago, with history stretching back 173 years, were the exchange’s last bastion for old-school commodities floor traders. See vintage photos of the trading floors below.
Some traders looked back on social media: