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Chicago pits going quiet, 165 years after shouting began
On a recent morning in the Chicago Board of Trade's soybean futures pit, the trading action looked like this: One trader hiked up a leg onto a metal railing, stretching his hamstring; another passed time bouncing a green rubber ball; a third yawned. Activity in Chicago's 165-year-old open-outcry grain markets has been declining for decades because of computerized trading, which can be executed much faster. But after the CBOT changed the way it reports end-of-day prices in June last year, the share of trading attributed to shout-and-gesture trading fell by about half. Grain traders, merchants and analysts see an ... (full story)
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