CME Group Delays Closing of Futures Pits in Chicago and New York (with Lofchie Comment)

CME Group announced that it will delay the closing of open outcry futures trading in Chicago and New York. The delay is due to a technical revision in its filing with the CFTC.

Although it was scheduled previously for July 2, 2015, the last day for most open outcry futures trading is now expected to take place on July 6, 2015, pending the expiration of CFTC review periods. Additionally, the CFTC could delay the closure for up to 90 days during its review.

According to CME Group, the decision to close open outcry futures trading was announced originally in February after floor volumes had fallen to just one percent of the company's total futures volume. The floor-based S&P 500 futures market, which continues to provide an important venue for trading the underlying futures contract for the open outcry S&P 500 options on futures contract, will remain open on CME Group's Chicago trading floor.

Lofchie Comment: It's possible that behind Congress's mandate of exchange trading of swaps was a subconscious picture of floor traders. Such an image seems more personal, and therefore, a more preferable way for financial products to be traded. Sadly, it doesn't work that way.