A Chicago financial institution is feeling the squeeze from modern technology and will likely become just another piece of Windy City history. Crain's has reported that the Chicago Mercantile Exchange (CME) will close most of its futures contract trading pits at The Merc and Chicago Board of Trade, a nod to the overwhelming shift towards online trading. By July 2, trading will be consolidated at the CME's trading floor building at Jackson and LaSalle streets. Chicago's industrial and commerical history are closely tied to both exchanges; The Merc was founded in 1898 as the Chicago Butter and Egg Board, and the Chicago Board of Trade, which dates back to 1848, was the first grain futures exchange in the United States. Here a tribute to these brawling, brash symbols of Chicago.
For a different view of the trading pit, check out filmmaker James Allen Smith