The Big Bang was the phrase coined to describe the deregulation of financial markets and change from
open-outcry trading to electronic trading.
The shift from the pit/floor trading or
open-outcry system -- where traders shout their bids aloud -- to the new e-TRADE platform will occur in phases, and it is expected to take approximately a year to fully transition.
Open-outcry trading hours for CME Livestock futures and options products will not be impacted by this adjustment to CME Globex trading hours.
When the
open-outcry trading closed on Friday, three-month copper was up 1.
Currently, the markets are open some 13 hours via the Globex/electronic trade and another four hours via
open-outcry trading.
The contracts will be listed for electronic trading on CME Globex,
open-outcry and over-the-counter clearing on CME ClearPort.
Electronically traded Nymex energy options now eclipse
open-outcry activity, up from less than one-quarter a year ago.
It will allow us to continue using
open-outcry trading, while providing a state-of-the-art electronic trading capability, thus giving our market participants a choice in how they wish to trade.
The LME currently trades via twice-daily
open-outcry sessions and an interoffice telephone market.
This two-by-two classification yields four auction types: the first-price sealed-bid auction, the second-price sealed-bid auction, the descending-price
open-outcry auction, and the ascending-price
open-outcry auction.
