Pit committee

Pit committee

A committee of the exchange that determines the daily settlement price of futures contracts.

Pit Committee

A committee on an exchange that deals with futures contracts. Specifically, it determines the settlement price each trading day.
References in periodicals archive ?
Ganis has been associated with the Chicago Board of Trade since 1983, where he held a host of positions including chairman of the Dow Jones Futures Pit Committee and member of a Dow Jonesproduct launch committee.