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pits would close on a permanent basis .
Other trading pits globally are also teetering on the edge of closing . Following CME ’ s more recent decision to close its pits on 5 May , Cboe Global Markets reopened its trading pits and confirmed they would remain open as long as investors wanted them .
“ Cboe plans to continue to support open outcry trading as long as our customers find value in the trading floor ’ s deep liquidity and execution quality . Our floor brokers play an important role in sourcing liquidity for their customers . We know our customers find utility and value in open outcry trading , especially for executing larger , more complex orders and rely on the floor for price discovery and the deep liquidity provided by our market makers ,” said Cboe Global Markets in a statement on 5 May .
In the UK , the London Metal Exchange ’ s discussion paper on the potential closure of the 144-year-old pits released on 19 January was met with uproar and the exchange later confirmed on 8 June that the open outcry pit would re-open following its closure during the pandemic .
“ CME may have laid the groundwork for what becomes a decentralised borderless global financial system , I wouldn ' t be shocked if the CME Group didn ' t exist in two years . I wouldn ' t be shocked if the New York Stock Exchange and ICE aren ' t relevant .
“ They are centralised exchanges and the world doesn ' t like centralisation anymore . It doesn ' t trust the people making the money in the exchange settings and in the publicly traded company settings ,” concludes Cavanaugh .
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