Chicago Mercantile Exchange operator to wave goodbye to New York trading floor by the end of the year

 
Hayley Kirton
Follow Hayley
Looking North Towards Times Square, NYC
The traditional trading floor will shut but there will be more room at the electronic venue (Source: Getty)

They say that if you can make it there, you can make it anywhere but the Chicago Mercantile Exchange operator has decided it's better off without a certain part of New York.

CME Group announced today that it would be closing the doors to its New York trading floor on 30 December 2016.

In a short statement, CME Group noted that the average daily volume of options traded through open outcry in New York had trailed off to just 7,500 contracts, which represents just 0.3 per cent of the company's overall energy and metals trading volumes.

However, CME Group also revealed that it would be making more room for traders at its electronic trading venue in its One North End Avenue facility in Battery Park, where the company currently has staff and will continue to have staff post-December 2016.

CME Group also confirmed that its Chicago trading floor would remain open for trading on options on futures contracts and S&P 500 futures contracts.

CME ended open-outcry trading last summer, having been one of the last floors to still be using the traditional trading method and having spent over 150 years in the business.

Related articles