Probably not but looking at trading floors around the world, the pit gave a lot of opportunity to working class boys and girls to get ahead in semi-respectable fashion (barrow-boy spivs notwithstanding)
From The Trade, January 18:
Despite the indisputable decline in physical trading practices, it is enduring within an increasingly technological capital markets world which has already put innumerable out-dated practices out of fashion. Market opinion – and moves – suggest that mourning the death of open outcry may be premature.
Like the return of old Nokia’s and ‘dumbphones’ in the era of the smartphone, a hungering for print in the age of digital, and the comeback of the polaroid camera and vinyl, perhaps there’s just reason why these concepts were once deemed great.
Following the announcement from MIAX last October about plans to launch a new US options electronic exchange and physical trading floor, The TRADE wanted to delve into why open outcry has persisted and the potential for a quiet resurgence of the dying practice.
Charles Dolan, former executive floor governor at the NYSE, and current COO of Green Impact Exchange (GIX), tells The TRADE that in his experience the human element of trading is a critical component in times of stress, remaining valuable despite technological advancement.
“In the past there were 5,000 people who worked on the floor of the New York Stock Exchange and now there’s probably 300. We couldn’t continue to do what we were doing manually in an electronic world. That being said, human judgement is critical in terms of taking control of situations that get out of hand. That’s the overarching thought process as to why [physical trading floors] are important.” ....
....MUCH MORE, they have a definite feel for the topic.
Related:
"As CME closes its trading pits, what's a seat worth?""Tell me why you want to become a trader"
"The World Speculation Made"
Climateer Line of the Day: "Babe Ruth of the CBOT" Edition
Dear Senate Banking Committee, Re: Goldman and the LME, the L stands for London
"A Eulogy for the Pit Trader"
"Understanding Commodity Financialization (and Why it Matters to Everyone)"
Trading commodities involves a high degree of risk, you will lose everything at least once.
That said, the “crimson thread of suicide”* that was alleged to run through the history of the Chicago Board of Trade was refuted by one of the longer-tenured Secretaries of the exchange:
On that reassuring note...
