Friday, December 30, 2016

Redneck trading pits duplicate this entire process

Financial News: CME Group, which owns the Nymex, said in April that the New York trading floor would close at the end of the year after the share of options volume executed there had dwindled to just 0.3% of the company’s overall energy and metals volumes. Chicago-based CME had already stopped futures trading on the Nymex floor last year.Though long expected, the closure of the 25,000-square-foot Nymex floor has instilled nostalgia in traders who remember its heyday, when more than 1,000 people crowded into its pits to shout, jockey for position and arrange trades through an arcane language of hand signals.
“It was like going to the Super Bowl every day for work,” said David Greenberg, a former Nymex board member and veteran of the crude oil and gold pits.
The jockeying for position, that is Huffman encoding. Thr hand signals? That is bet compression. 1,000 traders? Redneck pits can run  thousands of trade per second, and if that is not enough, the pit will spawn.  Redneck systems, fair, intelligent, and secure. All you have to do is round up the professional python engineers, they know what to do.

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