Trading Places: Computers Now Rule in Chicago
CHICAGO -- With the consolidation of the Chicago Board of Trade and the Chicago Mercantile Exchange, the pork belly pit, formerly emblematic of Chicago's open-outcry commodity trading, will close and begin operating exclusively by computer.
The open-outcry pits of other low-volume markets, including cash dairy products and South American bean futures, are also closing. Many traders believe that all commodity markets will inevitably follow suit.
Since 2000, open-outcry has declined from about 90 percent of the trades at the exchanges to roughly 22 percent.