floor traders in the pit, floor traders on NASDAQ

[chibiks]

I know that in pit trading, there are floor traders. I might be wrong but floor traders are usually those who have and execute retail orders of you and me.

My question is, are there floor traders on these two exchanges: NASDAQ and NYSE? Or some sort of "electronic floor traders" (which may be algorithms?).

 

[Rhody Trader]

There are still some floor traders at the NYSE. The NASDAQ was never a central location. It began as an over-the-counter network of dealers who traded by phone.

 

[thunderstruck]

there are also pit traders at the Chigago commodities marbets CBOT and CME .

Really can understand the point of still having pit traders .Does this serve a practical purpose or its just tradition??

 

[Depth Trade]

there are also pit traders at the Chigago commodities marbets CBOT and CME .

Really can understand the point of still having pit traders .Does this serve a practical purpose or its just tradition??

It's more fun than being by yourself or just a few other people sitting across the room from each other in an office.
One can still trade via computer, but send an order into the pit if different prices are trading. You can still trade if the power goes out and you have two people that agree on a price.