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Remembering open outcry
Singapore Exchange (SGX) is marking the 30th anniversary of the Singapore International Monetary Exchange (Simex), which merged with the Stock Exchange of Singapore and the clearing business in 1999 to form today's SGX.
I know it is a little trivial, but I thought the timeline could have talked a little more about open outcry. For many people, regardless of whether you come from the industry, the scene of traders furiously gesturing and shouting on a trading floor is still one of the most compelling images of an exchange. Of course, it is also one of the most skewed, because many exchanges around the world have since moved to electronic trading. We don't shout anymore, at least not to anyone who matters. We just utter a curse under our breath and press some buttons.
Open outcry in Singapore ended on Sept 29, 2006, with the Euroyen (Tibor and Libor) futures and options among the last pits to go. Traders past and present on that day came to the pits for the last time to bid farewell to one of the most enduring visuals of financial trading.