For the TNotes/Bonds markets, the market hours of the open outcry are different from the electronic one. Will the later become quiet after the outcry closed? Is the outcry still more important than the elec? Where can I find the volume of the outcry? Thank for any comment.
A/C/E Volume has increased steadily. http://www.cbot.com/cbot/www/report/0,2531,13+45+127+83+D,00.html
The only reason to use open outcry is to pay an extra $3 per contract per side in floor broker commissions and desk fees. All of that bullshit the Board has been feeding us for years about dual-trading brokers providing liquidity is bullshit. Eurex proved that 9,000 screens across the world provides way more liquidity than any pit stocked with 1,000 thieves.
And God told Chicago, if you can find just one honest trader, I will spare the cbot. But no honest trader could be found, and fire and brimstone rained down from the sky and the floor opened up into a bottomless pit and there was weeping and wailing and gnashing of teeth only now it was all done in front of a screen at less cost with better fills and slighly more liquid than a lake of fire.
People have belittled the exchanges in Chicago for years, particularly all those honest firms in NY. If a floor broker in Chicago tried the crap NY specialists are allowed to do, he would be thrown out of the place.
Can you all imagine the thievery that went on pre-internet/electronic transparency? Sorry I didn't get some.