Thursday, July 27, 2006

Singapore Exchange to shut 'open outcry' trading facility .....

(Above pictures is taken on .... June 2006, Last day of TW Pit)
(Pictures taken with Nokia 6230)

SINGAPORE : There will be no more shouting or waving of hands in obscure signals from September when one of Asia's last traditional "open outcry" exchange trading facilities is closed in Singapore.

The Singapore Exchange said Tuesday its open outcry facility will shut at the close of business on Friday September 29 when all of the exchange's trades will be conducted electronically.

The 40 to 50 traders still working the floor have dealt in Euro-yen futures and options.

When they leave the pit they will continue their work from behind computer consoles, said Magdalyn Liew, a spokesman for the Exchange.

"There are still traditional hand signals" in the Singapore trading pit, Liew said.

In the open outcry system, traders stand in a pit to call out their offers, using hand signals to make themselves understood over the noise.

The chaos in the world's trading pits became an appropriate symbol of the cut and thrust of 20th century capitalism.

The Chicago Mercantile Exchange in the United States still uses open outcry trading providing a spectacle unmatched elsewhere, especially since trade has progressively moved onto computer systems since the 1980s.

Singapore's Exchange launched its electronic platform SGX Quest in August 2004.

"The closure of the open outcry trading facility marks the successful conclusion of the electronic migration campaign," a Singapore exchange statement said.

"This represents the way forward for us to enhance global participation and to build a more competitive and enduring marketplace," Hsieh Fu Hua, chief executive officer of the Singapore Exchange, said. - AFP/ch
Cut & paste from CNN (Pictures not included! Taken by photographer Tan)


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