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 ?
For the thousands of miners across south Wales, Aneurin's story represented a landmark case, following talk of an arrangement between the National Service authorities and the Pit Committee to suspend any calling-up notices for those in the mines.
"The case had been adjourned from Ebbw Vale on a claim made by the defendant that there was an arrangement between the National Service representative and the Pit Committee that calling-up notices should be suspended until it had been ascertained whether the quota had been supplied.
But the local pit committees showed a strong concern with mechanization and often violated national agreements with outlaw strikes.
He also questions the union's abdication to management on technological questions in the critical 1920 Coal Commission deliberations; the union's policy on mechanization, he argues, was little more than "a policy of expediency." Local agreements in Ohio and northern West Virginia did not concede to management the right to introduce new machinery, and the local pit committees were not restricted in fighting for control at the pit face.