CME Group permanently closing physical trading pits

CME Group announced this week it will not reopen its physical trading pits that were closed last March due to the outbreak of the COVID-19 pandemic. This includes the trading pits for corn, wheat, soybeans and other ag commodities. Contracts for ag commodities will be traded only electronically. However, CME Group’s Eurodollar options pit, which was reopened last August, will remain open, allowing these contracts to continue to trade in both open outcry and electronic venues. The once busy trading floors saw traffic decline as electronic trading became popular. The ongoing transition led to trading pits closing in Chicago and New York in 2015. The Chicago Tribune reports that when CME Group temporarily closed its 11 trading pits last March, about 450 traders, clerks, and employees were on the trading floor most days. CME Group also announced it will delist its full-size, floor-based S&P 500 futures and options contracts following the expiration of the September 2021 contracts.