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A specific area of the trading floor that is designed for the trading of commodities, individual futures, or option contracts.


A place on an exchange assigned for the trading of certain commodities, futures, or options. It is also called a pit or a trading pit.


A location on a commodities exchange trading floor where the futures of a particular commodity are traded. Also called ring.
References in classic literature ?
By all that's good," was the answer, "and by the birth of whomsoever your worship chooses, I swear, Senor Don Quixote of La Mancha, that I am your squire Sancho Panza, and that I have never died all my life; but that, having given up my government for reasons that would require more time to explain, I fell last night into this pit where I am now, and Dapple is witness and won't let me lie, for more by token he is here with me.
I was naturally startled, and lost no time in going out and across the Ottershaw bridge to the sand pits.
Neither could I forget what I had read of these pits -- that the sudden extinction of life formed no part of their most horrible plan.
The pit, which my imagination had pictured as bottomless, proved to be not more than a hundred feet in depth; but as its walls were smoothly polished it might as well have been a thousand feet, for I could never hope to escape without outside assistance.
Contemplating these "Silent Ones," as the Kukuanas call them, an intense curiosity again seized us to know whose were the hands which had shaped them, who it was that had dug the pit and made the road.
Pierre glanced into the pit and saw that the factory lad was lying with his knees close up to his head and one shoulder higher than the other.
Why, they are driving us toward the Black Pit, into which they threatened to cast us," replied the kitten.
By removing two stakes there would be left plenty of room for the lion to leap from the pit, which was not of any great depth.
He found the pit bottom carpeted with human bones, among which, battered and defaced, lay village gods of wood and stone.
These furnaces, constructed of fireproof brick, were especially adapted for burning pit coal, with a flat bottom upon which the iron bars were laid.
Often they ceased their labors to squat, resting and gossiping, with much laughter, at the edge of the pit they were digging.
The pit, as usual, was no doubt divided; those who delight in heroic virtue and perfect character objected to the producing such instances of villany, without punishing them very severely for the sake of example.