Traders Recall ‘Rush’ and ‘Roar’ as Famed Futures Pits Set to Close
New York — Pete Meegan had every intention of going back to college, but then he got a summer job in the Chicago trading pits and fell in love with the “roar” of the floor, the excitement of “4,000 people yelling, ‘Buy! Buy! Buy!’ ” and decided no more classroom for him. That roar will soon go silent. Today, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn,...
Money Talk: A Small Fee Can Have a Large Impact Over Time
Question: What can I do to stop my broker from deducting trading fees from my Roth IRA contributions, which I make monthly? Let’s say I invest $420 each month, but the broker takes $7, or $84 a year. Shouldn’t this be payable from a separate source so that I can invest the full contribution each year, thus reaping the eventual benefits of compounding the extra $84 sum over a long period of time? Answer: As you understand, $7 per month...
