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The last pit … the end of open outcry trading

For years, men have shouted at each other in open warfare outcry pits.

These blood curdling scenes are reminscent of cock fighting or pitbull terrier pits, where teams of angry testosterone fuelled alpha males go at each other with their gesticulations and cries.

What am I talking about?

The traditional trading floor.

Pitfloor

In London, until 1986, this was how trading was done.  But then the USA introduced computers are started to beat the bucket out of London’s position as a financial venue.  The result: the Big Bang, when all the trading moved to electronic communication systems.

Today, the idea of guys fighting out deals on a floor with bits of paper seems like an antique world.  Quaint, but so 20th century.

There is one venue where you can still see this sort of dealmaking though … in Chicago.

Not for long however, as the new film “Floored” demonstrates:

Well worth a viewing for those interested in the history of finance.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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