Pit Trading 101

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On a cold Saturday in 1996, a small group of aspiring traders gathered in a classroom at the Chicago Mercantile Exchange to participate in the University of Trading. Open to anyone who wanted to attend, the students were offered instruction in pit trading, the legendary system of "open outcry" trading pioneered and centered in Chicago's famous futures pits. Back then, the world markets were booming and the trading floors in Chicago were the center of the financial universe. Traders were like rock stars, making money hand over fist while chatting it up with Maria Bartiromo on CNBC after the close. On this day, these men and women would have the opportunity to experience first-hand what it felt like to put on a trading jacket and make trades in the CME's currency pits; to experience that thrill and know if they were cut out for a job as a pit trader. Some people were hooked immediately, while others quickly learned that it wasn't for them. A documentary film crew was given rare access to tape this particular class, which happened to include a young trader named Jonathan Hoenig. However, the resulting footage was never used and sat, untouched, for nearly 15 years. During that time, the entire industry disappeared. In 1996, there were over 10,000 floor traders working in Chicago's four exchanges, making it the trading capital of the world, a bastion of U.S. capitalism. By 2013, there were less than 250 left as a result of computerized trading. This film is a look back at a job, an industry and a world that no longer exists.