Floored

This is a 2009 documentary looking at the transition on the Chicago Mercantile Exchange from open outcry pit trading to electronic trading. The video may be of interest to those who wish to understand the importance of automation in market trading.

The first half of the video interviews pit traders and their activities. In the second half we see the effect that the transition to electronic trading has on the pit traders. Some traders retire, some try their luck as desk traders, using software similar to that which manual sports traders are familiar with. Even desk trading isn't the future as there is a brief interview of programmers at a High Frequency Trading (HFT) company. After all, the desk traders do little but look at numbers on a screen, a task that the HFT traders code their bots to do, only at a much faster rate. In sports trading terms this is the difference between manual sports traders and bots. Manual sports traders being the desk traders and bots eventually taking over their roles.

Of course, markets like Betfair are more manual trader friendly compared to financial markets where sub-millsecond speed is the key. I can see no reason why a future competitor to Betfair would not want to build a bot friendly sports trading market for true HFT.

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