BBC news clip on LIFFE move from Royal Exchange to Cannon Bridge

Above is a couple minute clip from the BBC which was recently uploaded about LIFFE’s shift from the Royal Exchange to it’s larger trading floor at Cannon Bridge in late 1991.  Every time I visit London, I always walk through the Royal Exchange and it’s hard to believe that it was once home to trading pits but like the rest …

Must Watch: For Cryin’ Out Loud

Occasionally I come across a treasure trove of media from the golden era of open outcry trading and this collection of raw footage from Media Burn’s independent video archive is not to be missed!!! It appears that all the raw footage was shot for a local Chicago show hosted by Studs Terkel, Chicago Slices, although a polished edit for some …

Futures Past movie trailer

The movie trailer for Futures Past has just been released and it looks to be full of great trading floor footage of the CME at both the legacy Merc trading floor and the subsequent CBOT bond room which housed the combined exchange starting in 2008.  It appears to have a dual focus on the automation of futures trading along with …

Last Trade in Toronto

I was recently (out for a rip) in Toronto so it was a good opportunity to bring along and finally read The Last Trade by John William Yee which profiled a few dozen people who worked on the floor of the Toronto Stock Exchange in it’s waning days leading up to THE last trade in April 1997.  This book didn’t …

An expensive square foot

What was the intrinsic value of a prime location to stand in the CME’s eurodollar pit back in 1996?   In reading through some old Crain’s stories, I came across the following article which is something I long heard of: THE WORLD’S PRICIEST REAL ESTATE; MERC TRADER’S PIT SPACE SAID TO SELL FOR $1 MILLION  Crain’s Chicago Business – May …

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Mechanizing the Merc’s Eurodollar Pit

It’s been a couple years since I first read Professor Donald Mackenzie’s paper “Mechanizing the Merc: The Chicago Mercantile Exchange and the Rise of High – Frequency Trading” via Alexandre Laumonier’s excellent and very resourceful Sniper in Mahwah blog, but have refrained from writing about it myself because there was so much to comment about it.  My arrival into the …

Trade On

Between the market’s low volatility, playing w/my toddler and continued travels, I’ve lacked the motivation to post much over the summer.  However, we spent some weeks in and around NYC so there were some speculative observations worth sharing on the blog which aren’t necessarily trading pit related but are relevant to the primitive days when humans clustered to trade. Before …