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CME Group to shutter most futures pits

Open-outcry trading is only 1% of total futures trading volume, says exchange operator

The closures will mark the end of an era for the futures industry, which built itself around the pits in Chicago. Traders made and lost fortunes there and treated the trading floors like a school yard.


THE world's largest futures market operator will shutter almost all of its open-outcry futures pits by July 2, ringing the closing bell on a once-raucous tradition that has been in decline since the rise of computerised trading.

The decision by CME Group Inc, announced on