[ I N D E P T H | C H I C A G O T R A D I N G F L O O R S ]
open outcry
Following the decision by US derivatives exchange group CME to permanently close its open outcry trading pits , Annabel Smith looks at the history of trading floors in Chicago .
56 // TheTRADE // Summer 2021
The clock reads six o ’ clock and the end of day whistle blows . In his final attempt to kill Sam the sheepdog after a long day at work trying to do so , Looney Tunes ’ Ralph the wolf stands next to the clocking out system , pulls a stick of dynamite out of his pocket and lights it .
He stands back holding the dynamite at arm ’ s length ready to propel it at his arch rival as he clocks out for the day . However , Sam , tired from a full day of trying to kill Ralph , has other ideas . Briefcase in one hand , Sam walks over to Ralph , extinguishes the stick of dynamite between his forefinger and thumb and says , “ It ’ s too close to quitting time Ralph , let ’ s pick it up there in the morning .” Ralph drops the extinguished dynamite , smiles and says , “ Ok Sam , goodnight .” Sam replies “ Goodnight Ralph , pleasant dreams ”.
“ That was the commodity pit , as soon as you