OREANDA-NEWS. Exchange operator «CME Group Inc.» said, it would not open most of it's physical trading floors in Chicago, which were temporarily closed in March 2020 due to the coronavirus. CME, in particular, closes the hall of trade in contracts for agricultural goods, which existed in Chicago since the mid-XIX century, notes «The Wall Street Journal».

The company also announced, that it intends to stop face-to-face trading in futures and options on the S&P 500 after the September contacts expire on September 17 this year. Options on Eurodollar will continue to be traded both on the physical trading floor, which resumed operation in August, and on the electronic platform. Eurodollar is an interest rate contract and one of the main assets traded on the CME, «The Wall Street Journal» notes.

Traders who previously worked in the physical halls of CME will have to look for a new job or switch to electronic trading, the newspaper writes. The growth of electronic trading has reduced the need for face-to-face trading. Exchange operators have been closing halls in Chicago and other cities for the past 20 years.

In 2016, CME closed the New York stock exchange where energy commodities were traded. In 2017, the company switched to the electronic format of trading contracts for cheese. Only a few physical trading rooms will continue to operate in the US, including the New York Stock Exchange in Manhattan and several options trading rooms, one of which is owned by «Cboe Global Markets Inc».

The London Metal Exchange is also considering permanently closing it's physical trading platform, which was temporarily suspended in March last year.