After a long history of futures and options open outcry trading, MGEX (Minneapolis Grain Exchange) is closing its trading pits effective December 19, 2008. The decision to make the transition to exclusively electronic trading was unanimously approved by the MGEX Board of Directors and is pending MGEX ownership approval.
This decision comes after an exhaustive study done by MGEX Management at the request of the Board of Directors. Over the past 12 months there has been a dramatic trend away from open outcry and towards electronic trading witnessed by all U.S. exchanges, including MGEX.
During the transition period to exclusively electronic trading, MGEX will waive all fees associated with open outcry transactions for floor traders initiating trades on their own behalf from November 1, 2008 through December 19, 2008. Additionally, exchange fees for electronic trading permit (ETP) holders will be waived November 1, 2008 through January 31, 2009 as further incentive to use MGEX markets. All fee adjustments are part of Exchange efforts to encourage activity and provide greater market liquidity.
Source: Feedstuffs
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