While originally designed to protect regional exchanges from the NYSE, in practice it has protected the NYSE, with its floor-based open-outcry trading system, from new electronic exchanges.
It does give Nymex, which is planning on an initial public offering later this year, a critical boost in electronic trading to complement its traditional open-outcry floor-trading model.
Electronic exchanges are threatening the survival of open-outcry futures trading as practiced by the CBOT and its crosstown rival, the Chicago Mercantile Exchange.
The facility is already obsolete: Electronic exchanges are threatening the survival of open-outcry futures trading as practiced by the CBOT and its crosstown rival, the Chicago Mercantile Exchange.
He asked for a show of hands: Who wants to set a date to begin side-by-side electronic trading with open outcry?
Watching his colleagues leave, Lavender has become an even louder and more passionate defender of the chaotic open outcry system that defined securities trading around the world for most of the past two centuries.
"While Jump got its start on the trading floor in the open-outcry environment, we are now fully committed to taking advantage of the opportunities offered by electronic trading, " the partners say on the Jump Trading Web site.
Eurodollars were still trading on the floor in the open outcry system, and a Parisian interloper called Euronext Liffe saw an opening.
Day-trading speculators in the pits who depend on open outcry for their livelihood aren't about to vote themselves out of a job.
Like many others who once made their livings trading in one of Chicago's many open-outcry exchanges, Harris has moved "upstairs, " and now trades exclusively by computer.
Harris also helped develop computer trading systems that seem certain to doom the open-outcry system for good, though the exchange is preserving both systems as long as demand is there.
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