It's slotted to be a surrogate for a COB. No actual screens, but that may have changed. Just a group of traders with laptops.
Good God man. Just read through the PRC... https://www.sec.gov/rules/sro/box/2017/34-81292.pdf ...While listening to this...
stupid idea... fun for visitors, but that's about it... "Box has argued that open outcry trading is better for large transactions and that its new trading floor would encourage better participation in large trades." That's usually done over the phone anyway, off-screen... but I don't see how a bunch of guys in a pit would make a contribution to this..
I agree. Also it didn't address many questions like HOW and in what way does an open-cry pit trading system handle large transactions better than electronic trading machine? How is the handling of large transactions by electronic trading algorithms inferior than human interaction? And define "Large Transactions". Over which threshold is a transaction considered "large transaction"? Is it over dollar amount being traded or volumes? And this "large transaction" over this threshold cannot be handled by the machine because the machine just crashes after a certain limit? Or are you concerned that the machines can be hacked so "large transactions" have to be handled by humans? And humans cannot be spies? Until they answer these questions it's really hard to convince anybody in this electronic age that financial transactions handle by humans would be superior than machines that work at 100X the speed and 1/100 of the cost.