Salem Radio Network News Thursday, May 13, 2021

Business

CME to permanently close most physical trading pits

(Reuters) – Futures exchange operator CME Group Inc said on Tuesday it will not reopen the physical trading pits which it closed last March due to the COVID-19 pandemic.

The company said the eurodollar options pit, which was reopened last August, will remain open, allowing the trade of contracts in both open outcry and electronic venues.

Open outcry is a method of communication between professionals on trading floors and involves shouting and the use of hand signals to talk about buying and selling orders.

Chicago-based CME had closed its trading floor in the city after business hours on March 11 last year to reduce large gatherings that can contribute to the spread of the coronavirus.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath)

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