NEWS
CME to End KCBT Pits
Tue Feb 5, 2013 09:50 AM CST

(Dow Jones) -- CME Group Inc. plans to close the storied grain-trading pits at the Kansas City Board of Trade this summer, ending a 157-year run for the wheat-futures exchange.

CME, which closed a $126 million deal to buy the Kansas City, Mo., exchange in December, plans to move open-outcry trading in its flagship hard-red winter wheat contracts to Chicago in July, according to a statement from CME. The move requires regulatory approval.

The move would end floor trading at an exchange that began in 1856 as a series of daily grain auctions on the banks of the Missouri River.

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