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Trading Floors of Minneapolis Grain Exchange

Trading Floors of Minneapolis Grain Exchange

Electronic trading is taking over the local Grain Exchange. The floors have been hosting buyers and sellers of beans, wheat and other commodities since 1881. The human to human exchanges will be completely converted to all-electronic trading.

The trading has slowly been converting to electronic over the past year with 30 percent to now 80 percent of the volume is now electronic. The closing will officially take place Dec. 19, 2008.

“This migration or this shift in volume is something that everyone has seen coming. It’s not just local to Minneapolis, its happening around the world,? said Mark Bagan from the Minneapolis Grain Exchange. –WCCO

Around 25 percent of the work force will be let go, 11 exchange positions.

“What we want to do is bring it all to a single platform and…the customers have clearly spoken and chosen the electronic market as the future of the Minneapolis Grain Exchange when 80 percent of the volume is being done on the electronic platform,? said Bagan.

European markets have had the electronic process in effect since at least 2003.

Sources: WCCO- Mpls. Grain Exchange To Close Trading Floors