CME Plans to Close New York Trading Floor at Year-End
April 13 2016 - 5:46PM
Dow Jones News
By Tess Stynes
CME Group Inc. said it plans to close its New York trading floor
at year's end to reflect a sharp decline in open outcry options
volume.
The world's largest futures-market operator said that starting
in the fourth quarter the company will make space available for
floor traders to shift to electronic trading at the company's One
North End Avenue facility in New York.
CME Group said after the New York trading floor closes it plans
to sublease the space but will retain existing office space in the
building for staff.
It has been just over a year since CME Group announced that it
would close most of its futures trading pits in Chicago and New
York as futures contracts increasingly were bought and sold over
electronic trading systems.
Since then trading of remaining options products on the New York
trading floor has dropped 53% to just 7,500 contracts, the company
said in a news release Wednesday. CME Group also said the remaining
options volume on the New York trading floor represents just 0.3%
of its overall energy and metals trading volume.
Futures trading on the New York trading floor ended in July
2015.
The company's options products will be available for trading on
CME Globex, and for submission for clearing through CME
ClearPort.
The Chicago trading floor will remain open for trading of
options on futures contracts, as well as S&P 500 futures
contracts.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 13, 2016 17:31 ET (21:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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