The Effect of Pit Closure on Futures Trading

@inproceedings{Gousgounis2017TheEO,
  title={The Effect of Pit Closure on Futures Trading},
  author={Eleni Gousgounis and Esen Onur},
  year={2017}
}
Motivated by the Chicago Mercantile Exchange’s (CME) decision to close down most of the futures pits in July of 2015, we analyze how this event may have affected the livestock and treasury futures markets. We find that although the already declining futures pit trading decreased further after the pit closure, it has not completely disappeared. Execution costs, following the pit closure, appear to have increased for livestock futures and declined for treasury futures transactions on the… CONTINUE READING

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