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
"We've certainly examined [whether we could] move pits from
one floor and close one floor?" Gomach said. "That ends up
costing more than you would get in terms of savings. We've
certainly analysed it and know the day will come, but we just
can't predict when".
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