Pit Session vs Electronic
The comparison between historical open-outcry floor trading (the "pit") and the now-dominant electronic Globex/ICE trading sessions.
Historically, futures were traded in physical pits — octagonal trading floors where floor brokers and locals used open-outcry (shouting bids and offers with hand signals) to execute trades. The pit session for equity index futures was 8:30 AM–3:15 PM CT, coinciding with the US equity cash session.
The electronic session (Globex) runs 23 hours a day and has absorbed virtually all volume. The CME closed its S&P 500 pit in 2015. Today "regular trading hours" (RTH) — 8:30 AM–3:15 PM CT for equity index futures — refers to the overlap with the NYSE/Nasdaq open, not to any physical pit session.
The RTH vs. extended-hours distinction still matters for data: many technical traders use RTH-only charts to avoid overnight noise and for clean VWAP resets.
Related Terms
Daily Settlement Price
The official closing price established by the exchange each session, used to calculate mark-to-market P&L and margin requirements.
IntermediateES (E-mini S&P 500)
The world's most liquid equity index futures contract — tracks the S&P 500, $50 per point, expires quarterly.
BeginnerGlobex
CME Group's electronic trading platform — the venue where ES, NQ, CL, GC, and virtually all CME futures trade electronically, 23 hours/day.
Beginner