Sorry to say but this was inevitable and is old news also. I am glad that ICE bought NYBOT because I get much better fills on the electronic platform than I did in the pits. I will not miss them at all.
90% of NYBOT trades are being done off floor. It would be stupid to keep the floor open just for a few hundred people can keep their jobs. Trading is a business, it's not a charity.
Don't worry, the floor traders are being assigned to new jobs as bank robbers. The skill sets required for both jobs are almost identical....
to the customer, what diff does it make whether electronic or pit? Futures are for trading, not for museum pieces. It is hardly a loss... And everyone knows it will be more money in the pockets of traders, with lower costs
My fills have been very fair in the pit and have been as competitive as the price on the screen, sometimes even better. Losing the pit takes valuable information out of the markets. The "noise factor" and human emotion just won't be in the markets as much as when they had the pit. I see the markets getting more and more corrupt as time goes on and we get more and more electronic. Its all about a fucking buck! The big wig funds want to run there god damn black boxes on just about every contract out there and they push hard for electronic trading so they can fuck both the guys on the floor out of volume and the locals on the screen by spoofing bids/offers and such. The exchanges just kiss ass to everyone of those bastards. Believe me trading will be more and more in favor of the "big guy" in the future than what it ever has been. Plus we are losing the very sight of american capitalism that has been going on for over a century now. The raw emotion and instinct that went on down in those pits was awesome to see. Looks a hell of a lot more fun trading on the floor than trading from a damn screen. What a cool place to be. I can't tell you the amount of dirty jokes and funny pranks I have seen in the pits before. You don't ever have to grow up down there. But sadly im in the minority and the hourglass is about empty for the floors of the american futures exchanges.
Excuse me, but in this case, this is a sign of almost pure capitalism. The big guys have more money, more influence and are pushing for higher technology. This is capitalism at its finest. The pits are pure cronyism and nothing more. Make your own blackboxes, noone is stopping you. The fact that your resources & capital are nowhere near the big guys is your competitive disadvantage. That's capitalism. The big players have an advantage which they will exercise to the fullest and attempt to monopolize. It's a natural progression. Instead you want some government protection of a group of cronies so that you have an easier time tapereading them.
Funny. You should talk to a few experienced brokers and traders about the raping they often feel they experience by the Ny futures markets. You might lose some of your naivity
Funny. You should talk to a few experienced brokers and traders about the raping they often feel they experience by the Ny futures markets. You might lose some of your naiveness