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Veteran Advisor

Savethefloor Wants You!

There is a grassroots organization that is out to save the trading floor at the CME Group. The group is called "Save The Floor". Their slogan is "Protect the Pits". Currently, those involved are wearing buttons on their shirts and/or trading jackets to show their support for the movement. Yes, the group has a website savethefloor.com.

 

The site asks the question, "The Integrity of the Markets ... "Oh, Where have you gone?"

 

I'm not taking sides one way or the other. Because the grassroots effort involves asking farmers, grain elevators, and other end-users to sign a petition, I was curious if you lean one way or the other on this? Do you care if the trading floor exists? Do you care if the pits are closed or go away?

 

Thanks for sharing. What do you think?

 

Mike

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31 Replies
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Veteran Contributor

Re: Savethefloor Wants You!

Integrity and CME don't belong in the same sentence.  Tell the last one their to turn out the lights. 

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Veteran Contributor

Re: Savethefloor Wants You!

Change is essential, and you can't stop progress.  It's only a matter of time before all the pits go the way of the dodo.  Don't be an algo hater.  Markets are the same as they've always been because the people participating in them are the same. 

 

For a young guy or gal wanting to get into the business, I'd think that becoming a pit trader would be an unwise career move.  Mike, are there many pit traders under 35?  Maybe there are, I don't know, but if not then the profession will eventually just fade away.

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Veteran Advisor

Re: Savethefloor Wants You!

Many moons ago, I worked as a trader's assistance for two fellas in the corn pit.  I saw and actually experienced some of the dealings that went on with settlement of trades or orders that were not filled and how that got resolved.  Of course favoritism went to the floor brokers friends and family.  Market orders coming in would get royally screwed with a bad price.

 

I think with the wave of the future to move everything electronically, that bs gets taken away and every trader can be on a same playing field.

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Veteran Advisor

Re: Savethefloor Wants You!

giolucas,

 

It doesn't sound like you will be signing the petition to save the floor?

 

Mike

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Senior Contributor

Re: Savethefloor Wants You!

  Here is the home address to send your petition to.

     CME & Company

     Suite 409

     The Atrium Center

     Khalid Bin Walid St.

     United Arab Emirates

 

  Ask them to make the customers of MF Global whole . These are the customers that trusted the integrity of the CME.

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Veteran Advisor

Re: Savethefloor Wants You!

teaspoon73,

 

And it doesn't sound you will be signing the petition either? Anybody out there want the floor saved?

 

Mike

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Visitor

Re: Savethefloor Wants You!

Hey Mike,

 

   The problem is that you are asking mainly farmers who always think they are getting screwed by someone. The reality, of the situation is that they really don't understand the basic principles of their own business, SUPPLY AND DEMAND, let alone how the markets operate. The ignorance of some of the comments here is astounding.

 

P.S.. HAYSEEDS!!! Learn how to spell or at least how to use the spell check!!

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Veteran Advisor

Re: Savethefloor Wants You!

PAKTRADING,

 

Criticism is not the best way to communicate, but I appreciate your input. Let me ask you to expand on your feelings about the principles of farm market risk management. And I'm not trying to be smug. Seriously, you might have some interesting thoughts on how folks could maybe feel like they are not always getting the short end of the stick.

 

Mike

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Veteran Contributor

Re: Savethefloor Wants You!

PAKTRADING
 
Farmers don't know SUPPLY AND DEMAND. LOL and BS on that.  The problem is true Supply and Demand doesn't always reach the market.  Next you're going to tell me the CME and Beef checkoff are the reason for high cattle prices. 
 
I was a futures broker for about 10 years, so I believe I do know a little bit about the crooks running the show up there.  
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