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NyBOT shuts down commodities trading floor after 137 years

lil dickie said: "It is an end of an era for the [url=http://www.nypost.com/seven/12142007/business/its_now_curtains_for_commodities_at_nybo_957464.htm?dlbk]nybot[/url] [quote] Leaders of the New York Board of Trade voted yesterday to close most of the exchange's 137-year old trading floor and move trading in commodities such as coffee, sugar and cocoa to the computer screen. The closing will put about 1,000 traders and support staff out of work and could lead the downtown exchange to abandon its headquarters at the World Financial Center, which is owned by rival New York Mercantile Exchange. [/quote] Dreaded computers have replaced more workers!"

Heather said: "It's the end of an era and more lost jobs.."

Airelon said: "I for one, am happy. I've been trading futures options for 12 years, and I have seen some very, very [i]very[/i] shady stuff pulled by the pit guys. I've also been an active victim at what most of them got nailed for 2 years ago. Not filling limit orders until after the fact. They get the limit order. Market hits the price. They have the ticket, and it is completely fillable ([I]that's why they got busted - the fill did go out[/I]). You get the fill report, and you're perfectly happy. But then the shady stuff hits. If you're an active trader, they would try to slip in another price that [i]violates[/i] the fill order two days after and call it a "Floor readjustment"; although market conditions had you filled no problem. Had that happen 4 times before it got straightened out. 3 guesses as to who ended up with the better fill? They'd have a LOT more of my pity if many of them hadn't been known for such shinnanigans. As it is? Good riddance. Perhaps this will also help the volume. The sort of nonsense that was going on in the pits was just scaring away traders. Perhaps now, we'll see better volume and Open Interest. Maybe now those guys will have to learn to actually trade. Helps specialize our work force for the computers at the same time."

AlfredSokol said: "I hear ya. It's hard to feel bad for these guys. :th_dblthumb2:"