Monday July 6th is the last day of open outcry trading in many of the trading pits at the Chicago Board of Trade. In this interview with NYU cultural anthropologist Caitlin Zaloom, we take an anthropological look at the pits and ask the question: Why did Chicago come to define futures trading? Zaloom is Associate Professor of Social and Cultural Analysis at New York University.
On Monday, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn, palladium and gold, and dozens of other commodities, are expected to close for good.
This week marks the end of an era at the Chicago Mercantile Exchange. For more than 160 years, traders in colorful blazers crowded into pits, shouting orders for commodities like corn and pork bellies.
Mayor Emanuel has three big things he wants from Springfield. 1) Casinos. 2) Speeding cameras and 3) a huge statue of him sitting on top of the statue of Abraham Lincoln. Okay, maybe not a huge statue, maybe the third was keeping the Mercantile Exchange in Chicago.