Random bits of history and artifacts from open outcry futures pit trading.
Monday, June 1, 2009
Trading pit patent
In 1878, Ruben S. Jennings received US Patent # 203837 for the trading pit. Soon thereafter, Jennings proceeded to sue financial exchanges such as the CBOT for it's use and the result was that Jennings lost and his patent was invalidated.
In 1878, Ruben S. Jennings received US Patent # 203837 for the trading pit. Soon thereafter, Jennings proceeded to sue financial exchanges such as the CBOT for it's use and the result was that Jennings lost and his patent was invalidated.