Open Out Cry Trading

[mikeyk]

Hello

Does anyone know if there is a way to experience open outcry trading e.g. visit the IPE whilst trading is taking place.

It must be an amazing place to work.

How about any ex locals sharing some story's or thoughts about the old pits?

 

[dolton]

I'm not sure but I think CME is the only remaining Institution using OO............I checked theie web site recently they do have facilities for visitors

 

[TWI]

LME still has open outcry but it is not the same as the other OO markets as they all sit in a ring and only action seems to come in closing few seconds of each session.
For IPE check out

http://www.theipe.com/trading/about_trading.asp?sp=floor_trading

Best place is U.S. these days to see the real action. I spent some time at CBOT and it was great. Better hurry up tho, sure it is only a matter of time before OO is totally phased out.

 

[oatman]

Yes, you can visit the IPE.

 

[BBB]

Im sure IPE is still open too. IPE have offices on St Katherines Way, but the floor is one of the larger building overlooking the dock - across the road from the Mint pub

Some of my mates were going there after LIFFE (no pun). They decided not to as it was about as quiet as LIFFE at that point. I only think they got a few pits anyway.

 

[mikeyk]

Hey,

Would anyone from the London area be interested in visiting the IPE for a jolly and maybe having a beer and something to eat afterwards.

 

[Sharky]

Does anyone know if it's still possible to experience open outcry anywhere in the US? As I'll be visiting New York and Chicago at the end of May, and my trusty Lonely Planet guide informs me that the CBOT and CME public galleires have closed post 9/11 due to secuirty concerns.

Paul.

 

[mikeyk]

When i went onto CME's website it said that visitors were able to view from the viewing gallery's

http://www.cme.com/abt/visit/

 

[fillyerboots]

Sharky,

NYSE used to have a public gallery, may still be open.

Try Comex in New York. (Gold, Silver, Oil) should be quite busy right now. (Part of New York Mercantile Exchange NYMEX).

AMEX is a combined equity and options exchange in NY. They may let you in.

 

[Sharky]

Thanks mikeyk, looks like you're right and it'll make my trip to Chicago all the more worthwhile.

So much for the new Lonely Planet guide which was only published a week ago!

I'll also follow up on those other galleries, thanks for the mention.

 

[fillyerboots]

Mikeyk,

I traded on Liffe between 89 and 99, Euromarks/Euribor pits mainly although I spent time in Bunds/BTP also.

Just like an adolescent school playground, but not for the fainthearted when it was busy.

Regular laugh was to fool a blue button (learner trader) into trading a contract that had just expired.

An hour or so after say Mar had gone off the board, his booth would give him a huge order in the Mar non-existent contract. He would pile into the pit with a look of absolute fear in his eyes.

Of course everyone else would try and trade with the guy and bury him, suddenly offering lower prices and generally screaming at him.

Always managed to catch some idiot who wasn't paying attention.

 

[mikeyk]

Thanks fillyerboots,

Sounds like it must have been brilliant to work there.

Whatever happened to LIFFE. Did they convert it to something else after the pits shut or is it still there?

 

[fillyerboots]

I think LIFFE had a lease that stipulated the floor had to be turned back into office space when it closed.

Liffe still occupies offices in the building ( above Cannon Street Station)

 

[BBB]

I heard that they turned the floor in to a co-location facility for servers/data centres. I don't know if its used for the connect system or they rent it to an ISP.

The floor was bomb, fire, flood, fart proof. Raised floors for cabling, air con etc so its a perfect place.

FillyerBoots - were you there when Chris Eubank came on the floor (as a visitor!)? I never laughed so much at what the stirling locals were shouting at him when they saw him in the gallery. (can't repeat it here!)

 

[splasher]

Bananas under newspapers to trip the unwary, cards under the collar to "Shark" the yellow jacket, sending runners to the bank with a love note for the cashier, boot polish on the telephone handset...............ah the good old days
I can't believe there aren't any better stories coming out...........