CME Group members abruptly left a meeting with CME Group last Friday, stating that executives were dismissive and did not clarify the members’ questions about the exchange’s plans to close more open-outcry futures markets.
Yesterday prior to its earnings call today, CME Group announced it was closing the pits. One can read a lot into an announcement ahead of earnings. I don’t know if earnings are good or bad, but certainly the earnings call conversation today might not necessarily be on the numbers.
CME Group Inc. announced it will close most of its futures pits in Chicago and New York. The move deals a death blow to trading floors that grew in the 20th century alongside America’s agriculture, mining and energy industries and were once synonymous with capitalism.