Photo: Photoshop by Business Insider
Have you wondered why CNBC’s Rick Santelli stands where he does at the Chicago Mercantile Exchange?In case you haven’t noticed, he recently moved to a different spot on the CME floor.
We were wondering why.
Perhaps CNBC wanted to freshen up the angle of the shot.
Or maybe the CME group is really particular about the angle of shots.
Santelli previously stood on an X in the CME and looked up at a camera when he did his on-air hits for CNBC.
Truthfully, it was a rather awkward shot.
The area where he currently stands looks like “The Pit”– a raised platform at the exchange where open-outcry trading takes place — but keep in mind it’s not the actual pit.
One popular theory for why he stands there instead of the real pit is because some traders might be worried that people watching television would figure out information they shouldn’t because of the angle of the shot.
That’s because traders at the the CME use something called open-outcry, which is a form of communication where traders use hand signals to exchange information about buy and sell orders.
It seems plausible.
Open-cry is also really interesting. We’ve put together these nine different hand signals traders use [via northmanfamily].
The open-outcry system has been replaced by electronic systems, but many traders such as those at the CME, CBOE and CBOT still use the physical form of communication.
To show the quantity of orders you want you touch your face. Placing your index finger to your chin means you want an order in multiples of 1-9.
This means stop the order. Place your fist against your palm to indicate that you want to stop an order.
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