From the magazinePage 84 →
Archive 02 · the commodity pit
A price made with hands
Before matching engines, futures prices were made in stepped octagonal pits by traders shouting and signalling. A palm turned toward the body meant buying; a palm turned out meant selling. Fingers gave quantity and price.
From the magazinePage 85 →
Trades were scribbled on cards and reconciled later, and prices were posted by exchange staff watching the crowd. The step you stood on was information: the closer to the centre, the closer to the flow. CME closed most of its futures pits in July 2015.
IN THE WHEAT PIT OF THE BOARD OF TRADE OF THE CITY OF CHICAGO, 1920 · Library of Congress, public domain (LCCN 2013646364) · photograph, toned to the page. The next page returns to the screen.