NyBot rumored to be closing....

Discussion in 'Wall St. News' started by limitdown, Sep 29, 2009.

  1. Rumors Fly on Nybot Closing Trading Floor
    By Ivy Schmerken
    Oct 23, 2007 at 05:53 PM ET

    One more trading floor is turning into an endangered species if the rumors in yesterday’s New York Post are true. Yesterday, The New York Post reported (on Page Six) that New York Board of Trade (Nybot) is planning to officially shut down its futures pits in the next six months as electronic trading takes over the soft commodities marketplace.

    The outcome is somewhat expected since Intercontinental Exchange (ICE), an all-electronic commodities marketplace acquired NYBOT for $1 billion in January. When exchanges merge there is usually the intent to cut expenses and consolidate trading on a single platform. But unfortunately, shutting down the floor at Nybot (renamed ICE Futures US) could spell the end of jobs for about 1,000 floor traders who would need to convert to screen-based trading or choose another profession.
  2. no big deal except for the poor floor guys, many of these coffee boys-order fillers later end up on this site, such as Landis
  3. You need to read CURRENT newspapers. The pits closed last year, I believe... Note the date on your quoted article, above - 2007...
  4. Div_Arb


  5. you caught that, huh?

    someone's awake here....

  6. cstfx


    Why are you posting 2 y.o. news? Arthritis?
  7. l2tradr


  8. Thanks for the update, any news on CME and CBOT potentially merging?

  9. humor

    alive and well,

    and all current news articles too.....:D