Grain trader’s lawsuit gets OK from judge
While most consumers may think of Wall Street when they hear the term "trading floor," individuals invested in the agriculture industry may think of the CME Group and the Chicago Board of Trade (CBOT), which has been the epicenter of agricultural commerce for some time.
A judge in Cook County has stated that a group of grain traders can continue their lawsuit against the CME, hoping to overturn its new price-settlement rules.
According to Reuters, the traders that work in the open-outcry pits sued CME over new end-of-day rules that would factor in transactions that had been executed electronically. This is in contrast to the traditional way, nearly 100-years-old, of settling the future prices of crops, such as corn and soybeans, on the transactions that were completed on the floor. Many traders feel the changes made the pits irrelevant.
The Wisconsin AgConnection reported that the settlement change "has caused rapid, dramatic decreases in trades" and "will eventually, effectively, eliminate the CBOT open outcry market for agricultural futures." In addition, the traders state that the CME should not have implemented the new laws because they were not approved by a majority vote from certain members of the CBOT.
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