A Eulogy for the Pit Trader

The Chicago Mercantile Exchange finally acquiesced to modernization in July 2015 as it shut down the majority of its famous commodity trading pits. These jam-packed pits full of frantic alpha males, with their silly sign language, served as pop-culture shorthand for the striving American businessman in countless movies and TV shows. Electronic trading put an end to all of that. The denizens of the pit were often of working-class backgrounds (unlike Wall Street) and their tale echoes the fate of many middle-class industries.

A Eulogy for the Pit Trader

MELMagazine.com, 3.1.16