pit


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Pit

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

Ring

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.

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 ?
For an instant Tantor, the elephant, paused with upraised trunk and tail, with great ears up-pricked, and then he swung on along the trail at a rapid, shuffling pace--straight toward the covered pit with its sharpened stakes upstanding in the ground.
At the pit's verge the ape-man dropped to the ground in the center of the trail.
Wait while I go to the duke's castle, which is close by, and I will bring some one to take thee out of this pit into which thy sins no doubt have brought thee."
A student who saw him remarked, "That's the way all bad governors should come out of their governments, as this sinner comes out of the depths of the pit, dead with hunger, pale, and I suppose without a farthing."
To my amazement I found the sides of the pit, that I had thought smooth, lined with shelves, upon which were the most delicious viands and liquid refreshments that Okar afforded.
Why not end my misery now rather than drag out a few more wretched days in this dark pit? Slowly I raised one of the little pellets to my lips.
It appeared from the little this man said to those about him, which was quickly repeated all over the circle, that the lost man had fallen upon a mass of crumbled rubbish with which the pit was half choked up, and that his fall had been further broken by some jagged earth at the side.
When the pit had been filled up a command was given.
Coming to the ground at the side of the pit, he examined the stakes and as he did so was rather surprised to note that Numa gave no evidence of anger at his approach.
The moment he showed himself to be thus engaged the Count turned round, slipped past the persons who occupied seats on the farther side of him from where we stood, and disappeared in the middle passage down the centre of the pit. I caught Pesca by the arm, and to his inexpressible astonishment, hurried him round with me to the back of the pit to intercept the Count before he could get to the door.
For fifteen days the noble Hor Vastus has languished in the darkness of the pits, but not in vain.
"Few there are who visit the pits other than the dead, except my pupils--ey!