The Chicago Board of Trade (CBOT) began operation on April 3, 1848. It is a futures and options exchange, and is one of the oldest in the world. It is currently owned by the Chicago Mercantile Exchange (CME) Group. It merged with the CME in 2007. Trading occurs on the floor of the exchange and is called “open outcry” trading. Since 2012, the CBOT also has electronic trading.
Open -outcry trading takes place in the pit. The pit is a raised octagon structure with steps up on the outside and steps down on the inside. It looks like an amphitheater and has acoustics that allow traders to hear the bids (buys) and offerings (sells).
The Chicago Board of Trade is located at 141 West Jackson in downtown Chicago. It has been there since 1930. The CBOT building was designed by architects Holabird & Root in the Art Deco style. It features sculptural work by Alvin Meyer and contains a 31 foot statue of the Roman Goddess Ceres created by sculptor John Storrs. Ceres was the goddess of agriculture, grain and crops. The building is 605 feet tall and was the tallest building in Chicago until 1965 when the Daley Center superseded it.
The Chicago Board of Trade building was designated a Chicago Landmark on May 4, 1977.
