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 ?
U-Dor, dispatch those who will search the palace, the pits, and the city, and return the fugitives to their cells.
"Love in the pits of O-Tar!" he cried, and again his thin laughter jarred upon the silence of the subterranean vaults.
For a minute he scarcely realised what this meant, and, although the heat was excessive, he clambered down into the pit close to the bulk to see the Thing more clearly.
In the center of the court was a deep pit, near the edge of which stood half a dozen other guardsmen, awaiting me.
Every sound of insects in the air, every stirring of the leaves, every whisper among these men, made Sissy tremble, for she thought it was a cry at the bottom of the pit. But the wind blew idly over it, and no sound arose to the surface, and they sat upon the grass, waiting and waiting.
"Finally I gave him a fair choice between freedom and the pits beneath the palace--the price of freedom to be full information as to where you were imprisoned and directions which would lead us to you; but still he maintained his stubborn partisanship.
As he spoke the Count looked downwards towards the boxes behind us on the pit tier.
Puzzle as he would, however, he could not solve the mystery of the concealed pit, for the ways of the blacks were still strange ways to Tarzan.
It came to pass, then, that having sallied forth one morning to practise and exercise himself in what he would have to do in the encounter he expected to find himself engaged in the next day, as he was putting Rocinante through his paces or pressing him to the charge, he brought his feet so close to a pit that but for reining him in tightly it would have been impossible for him to avoid falling into it.
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.
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.
Therefore we tarried only a short time at the pit. We rested the horses and ourselves, and felt for a few minutes the blessed shade of the ancient buildings.