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Industry: Email Alert RSS FeedOpen season on open outcry? What pit probe means to traders. (FBI investigation of futures trading) (includes related articles) (column)
Futures (Cedar Falls, Iowa), March, 1989 by Pierog, Karen; Wilson, Jeff
Open season on open outcry? What pit probe means to traders
Reports of the death of the open-outcry system of futures trading seem to be greatly exaggerated.
But many traders, investors and industry officials contacted by Futures predict a number of trading practices are likely to change as a result of a federal investigation of trading at the Chicago futures exchanges. Some conflicts of interest on the floor may be eliminated, computerization enhanced and safeguards improved.
And that should benefit everyone.
"(The investigation) can only be good for the individual investor, whatever the outcome," says Burton Meyer, president of Jack Carl/312 Futures Inc., a Chicago discount brokerage firm.
"If they find no abuses, (the...
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