World Grain - September 2021 - 34

SOSLAND PUBLISHING
years
FXCM, a provider of online foreign exchange trading
and related services. By 1856, broker-assisted buying
and selling of exchange-based securities was possible
through telegraph.
The stock ticker, first put into action in 1867 in
New York City, allowed for up-to-the-minute stock
quotes origination at the New York Stock Exchange
nationwide.
Invention of the telephone in 1876 introduced a new
method of communication and by 1920, 88,000 telephones
were in service on Wall Steet. As long-distance
connectivity grew, the telephone became the industry
standard for remote interaction with the marketplace,
FXCM said.
" The inventions of the telegraph, ticker tape and telephone
all contributed to the growth of marketplaces and
exchanges in the US and Europe, " FXCM said. " When
coupled with the computational power developed by
the breakthroughs in information systems technology,
the stage was set for the rapid evolution of computerized
trading systems and electronic trading. "
Bye-bye to outcry
The trading
floor before
electronic trading
took over.
The roots of electronic trading and digitization of the markets
dates back to the 1960s and the use of streaming realtime
digital stock quotes. Brokers could get specific market
data on demand without having to wait for the ticker
tape, FXCM said.
With the formation of the National Association of
Securities Dealers Automated Quotations (NASDAQ)
was the " opening of Pandora's Box for the trading industry, "
FXCM said. It used cutting-edge information systems
to create a strictly digital trading platform, one that
other exchanges wanted to follow.
By the 1990s, personal computers were becoming more
powerful and internet connectivity was improving and the
push toward automated markets overtook the open outcry
system. In 1992, futures contracts began trading electronically
on the CME Globex platform. In 2002, MGEX
launched cash-settled corn and soybean contracts on its
electronic trading platform with wheat futures and options
following in 2003.
Adoption of electronic trading moved swiftly. In
2004, electronic trading accounted for 61% of all CME
volume; by 2015, 99% of futures contracts were traded
electronically.
As electronic trading took off, open outcry died. MGEX
closed its trading pits in 2008, KCBT ceased to exist in
2015 and NYMEX went completely electronic in 2016.
With no need for traders on the floor, the exchanges
themselves started consolidating at a rapid pace. The
CBOT and Chicago Mercantile Exchange merged to form
CME in 2007, and a year later, CME acquired NYMEX.
CME acquired the KCBT in 2012 and consolidated its
trading floor with the Chicago operations in June 2013,
just two years before KCBT closed for good.
34
September 2021 / World Grain / World-Grain.com
© 2005 VisionsofAmerica.com/Joe Sohm - stock.adobe.com
http://www.World-Grain.com

World Grain - September 2021

Table of Contents for the Digital Edition of World Grain - September 2021

World Grain - September 2021 - Intro
World Grain - September 2021 - 1
World Grain - September 2021 - 2
World Grain - September 2021 - 3
World Grain - September 2021 - 4
World Grain - September 2021 - 5
World Grain - September 2021 - 6
World Grain - September 2021 - 7
World Grain - September 2021 - 8
World Grain - September 2021 - 9
World Grain - September 2021 - 10
World Grain - September 2021 - 11
World Grain - September 2021 - 12
World Grain - September 2021 - 13
World Grain - September 2021 - 14
World Grain - September 2021 - 15
World Grain - September 2021 - 16
World Grain - September 2021 - 17
World Grain - September 2021 - 18
World Grain - September 2021 - 19
World Grain - September 2021 - 20
World Grain - September 2021 - 21
World Grain - September 2021 - 22
World Grain - September 2021 - 23
World Grain - September 2021 - 24
World Grain - September 2021 - 25
World Grain - September 2021 - 26
World Grain - September 2021 - 27
World Grain - September 2021 - 28
World Grain - September 2021 - 29
World Grain - September 2021 - 30
World Grain - September 2021 - 31
World Grain - September 2021 - 32
World Grain - September 2021 - 33
World Grain - September 2021 - 34
World Grain - September 2021 - 35
World Grain - September 2021 - 36
World Grain - September 2021 - 37
World Grain - September 2021 - 38
World Grain - September 2021 - 39
World Grain - September 2021 - 40
World Grain - September 2021 - 41
World Grain - September 2021 - 42
World Grain - September 2021 - 43
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https://www.nxtbook.com/sosland/wg/2016_06_01
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https://www.nxtbook.com/sosland/wg/2016_04_01
https://www.nxtbook.com/sosland/wg/2016_03_01
https://www.nxtbook.com/sosland/wg/2016_02_01
https://www.nxtbook.com/sosland/wg/2016_01_01
https://www.nxtbook.com/sosland/wg/2015_12_01
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http://digital.world-grain.com/sosland/wg/2015_09_01
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https://www.nxtbook.com/sosland/wg/2015_04_01
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