Beginning next week, the Kansas City Board of Trade will be headed to its new location in Chicago.
According to The Kansas City Star, pit trading in Kansas City will come to a formal end on Friday, though it has been winding down since electric trading began to dominate more than five years ago.
"Throughout KCBT's 156-year history, trading has evolved dramatically, with an increasing emphasis on technology in recent years," Jeff Borchardt, KCBT president and CEO, said in a previous news release. "CME Group's position as a global leader in electronic trading access and capability makes them an ideal partner for the future of KCBT's HRW wheat contract, the global benchmark for bread wheat."
The CME Group purchased the exchange for $126 million in October 2012. Shortly after, it announced that trading in Kansas City would move to Chicago.
Despite the move, CME plans to keep “Kansas City” in the name of the hard red winter wheat contract, thanks to its powerful name recognition. Read more here.