Chicago Mercantile Exchange (CME) executives said they will not shut down the trading floor because the costs of closing the pits still outweigh the costs of keeping them open.
The ongoing question of when CME may shut down its open outcry trading pits arose again during the exchange's second quarter earnings call with Wall Street analysts on 22 July.
Dave Gomach, CME's chief financial officer, told analysts the net reduction in total expenses from closing the pits would be approximately $30m. The savings would come in the form of reducing or eliminating costs associated with market reporters, technology support for the floor and the two-floor facility itself.
"We've certainly examined [whether we could] move pits from one floor and...