Thursday, September 10, CRMER Student Fellows visited CME Group at the Chicago Board of Trade facilities in downtown Chicago, Illinois.
The Fellows were led on a tour through the CME Group’s now consolidated trading floor, where the Fellows experienced the historic, but now unused trading floor used for traditional grains “outcry trading” in the traditional grains and livestock pits for futures and options and in the financial products’ pits.
While once-robust floor trading has dwindled, CME Group remains the world’s leading derivatives marketplace through electronic trading. Because of this, next to the now less packed outcry floors, are booth spaces available that people can rent to do their trading online. Brenda Tucker, CME Group Executive Director, Client Development and Sales, showed the Fellows around and expressed that people could be at home in their pajamas trading but they choose to come to the floor for the atmosphere oftentimes.
Following the visit on the trade floor, the Fellows took taxis to another CME Group location that focuses on the online aspect of trading, the environment was vastly different and definitely gave insight into how trading is changing. One interesting aspect was a Thinking Lab that the fellows got to visit. It was almost entirely covered in white boards – the walls, the tables, and more. The lab is used by persons in the company to brainstorm. The lab wall had principles to encourage the staffers. These included: embrace challenges, persist in face of setbacks, effort – path to mastery, learn from criticism, and find lessons in the success of others.
We very much appreciate CME Group’s commitment to education through their support to the Center. The Fellows at the Center for Risk Management, Education and Research really enjoyed visiting the CME Group and interacting with the persons on the floor.