It's The Last Day For Open-Outcry Trading In The Intercontinental Exchange Trading Pits

nymex floor

Photo: AP Images

An era is coming to an end.Today is the last day of open-outcry trading in the Intercontinental Exchange (ICE)-owned pits in lower Manhattan where commodities such as cotton, coffee, cocoa, sugar and orange juice are traded, the Wall Street Journal’s Leslie Josephs reports

Open-outcry is a is a form of communication where traders use hand signals to exchange information for negotiating buy and sell orders.

This form of face-to-face trading has basically died out in recent years with the rise of electronic trading.

Back in July, Atlanta-based ICE announced that it would end its open-outcry trading for all options on futures listed on ICE Futures U.S. beginning in October, the company said in a release.  

According to the WSJ, ICE has been pushing for electronic commodities trading.  What’s more is ICE will be the first commodities exchange in the U.S. to ditch open-outcry completely.    

SEE:  Check Out Hand Signals Traders In The Pits Of The NYMEX Use >

SEE ALSO: Check Out 9 Different Hand Signals Floor Traders Use For Buy And Sell Orders >

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