Trading Street Magazine Reflects on the Closing of an Institutional Era
"While we all want change for the better, when it actually happens we become somewhat sentimental. The recent announcement by CME Group to close the futures trading floor operations in Chicago and New York has sparked one of Trading Street’s experts to share his floor trading experience."
Chicago, IL -- (SBWire) -- 03/09/2015 --In Trading Street's latest magazine issue, Bill Hoerter, one of the website's many experts that worked on the floor of the exchanges shares his numerous good and bad pit experiences in an eloquent article. Many of the big names in the investment world started their careers on the floors of the exchanges allowing them to hone their skills within a true capitalistic environment.
The year 1848, 167 years ago, the Chicago Board of Trade opened as a place for farmers and producers to meet, exchange products and create future contracts for delivery of those products. Being that it was the first organized exchange in the world allowed other exchanges to start with a solid model to follow. The industry grew to provide not only outlets for commodities but all types of products that can be exchanged.
In the article titled, The End of an Era – As Open Outcry Trading Pits Are Set to Close Forever, Mr. Hoerter reflects back on his many years of experience holding various positions on the floor of the Chicago exchanges. The nostalgic moments are sure to hit a chord with anyone that works in the investment industry or has had an interest in the investing world. The knowledge that has been imparted on global societies form this pure capitalistic renaissance can be summed up by Mr. Hoerter; "…let it be said that this author's past in the great trading pits of the Chicago financial district is one that is as intrinsic within the development of modern finance as the contributions of an MBA from any of the elite universities around the world."
While the end of an era is close at hand and it is very sad to see the physical exchanges close, the morphing of exchanges into an electronic form will also become a great part of history to remember. The investment playing field through those electronic platforms provides for greater transparency and faster more accurate transactions; a better experience for everyone globally.
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