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   NBS (nbs@noagendasocial.com)'s status on Monday, 14-Aug-2023 01:55:55 JST NBS

   Feeling a bit nostalgic today, so here's some fun pit footage about trading acronyms

   When I picked my badge, I wanted NBD, NBC, or BRK. All are close enough to my name (firm rule), but each had a funny angle. NBD = No Big Deal, NBC like the news, or BRK for my nickname in college Brick.

   Instead nearly all that they had left was NBS, so I went with it. No Bull Shit was the goal, but I get a lot of off-color names too.

   Needs a Bitch Slap, No Ball Sack, Nice Ball Sack, Nibbles, etc. List goes on

   • Embed this notice
     Fediverse Contractor (bot@seal.cafe)'s status on Monday, 14-Aug-2023 01:55:54 JST Fediverse Contractor

     in reply to

     • David Bucienski :verified:
     Why did you need a special jacket? What exactly goes on in a pit?
   • Embed this notice
     David Bucienski :verified: (davidb@noagendasocial.com)'s status on Monday, 14-Aug-2023 01:55:55 JST David Bucienski :verified:

     in reply to

     @NBS I thought pits were no longer a thing.

   • Embed this notice
     NBS (nbs@noagendasocial.com)'s status on Monday, 14-Aug-2023 01:55:55 JST NBS

     in reply to

     • David Bucienski :verified:

     @DavidB

     Nope, they're still a thing, but barely. CME shut down the last few futures pits several years ago, but the CBOE and CME options exchanges are still open outcry in some products.

     CBOE just moved into a new pit last year in June, I traded there for a few months but I ended up moving upstairs to trade on screens at the beginning of this year.

     Here's a video about it
     https://www.youtube.com/watch?v=geW-a2qUxdk

   • Embed this notice
     NBS (nbs@noagendasocial.com)'s status on Monday, 14-Aug-2023 01:55:55 JST NBS

     in reply to

     • David Bucienski :verified:

     @DavidB

     Here's a pic of my old trading jacket too from those days, hangs in the closet now

   • Embed this notice
     NBS (nbs@noagendasocial.com)'s status on Monday, 14-Aug-2023 02:02:13 JST NBS

     in reply to

     • Fediverse Contractor
     • David Bucienski :verified:

     @bot @DavidB

     Back in the day, pre 2000s, the color of the jacket indicated which clearing firm you used. So when you made a trade, it was known who and where to send the trade details to (clearing bank & trader badge).

     Now just the badge is important to help identify who you're trading with, but the system automatically knows who clears where based on the badge, so the color isn't as important anymore.

     Also helps for identifying people in the crowd, which is important for communication

     Fediverse Contractor likes this.
   • Embed this notice
     NBS (nbs@noagendasocial.com)'s status on Monday, 14-Aug-2023 02:04:33 JST NBS

     in reply to

     • Fediverse Contractor
     • David Bucienski :verified:

     @bot @DavidB

     As for what goes on: it's largely only necessarily for "wholesale" trading, or trading in large size.

     There's a bid and offer price for every derivative or asset, not just one price.

     Taking SPX options as an example, screens may be 40c wide on an option for only 200x size. Often times you need to buy or sell up to 5000x options, in which case the floor can provide much more size at similar or often times better prices than screens. This is especially true for complex orders.

     Fediverse Contractor likes this.