Perry Comments on the Inevitable Closing of Historic Chicago Futures Pits
A last ditch effort to save open outcry in the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) futures pits is likely to fall short, Braden Perry, a former CFTC senior trial attorney and Partner with Kennyhertz Perry said in a Reuters article. The effort, launched by traders to delay the July 6 closing, claims the CME has failed to provide the CFTC adequate information on the rationale of the closing, and leaves certain trading strategies without proper alternatives. “It really comes down to the numbers of people who are trading still in the open-outcry system,” Perry said. The CME estimates that floor trading in Treasury futures represented 1.8 percent of total volume last year.
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