Tuesday, August 06, 2013
It is hard to be a steely-eyed realist as a PR practitioner. One isn't in charge and telling people what they don't want to hear can shorten a career. On the other hand, letting them live in a world of make-believe doesn't help an organization or anyone's future. So what would you tell the few remaining floor traders at Chicago's Board of Trade? They are suing the CME Group Inc., owner of the Board, because they say that ownership has sabotaged open outcry trading. Hardly. Trading moved to machines long ago and open outcry is an anachronism that should have disappeared. The Board's leadership is making sympathetic noises but allowing reality to take its course. This is as it should be. The few remaining floor traders don't want to listen and won't. Eventually they will be forced to leave and the pits will become a museum of what was, if they are not torn out and the floor repurposed. What leadership is doing is correct and a lesson. Floor traders are part of a boisterous past. What if you were the person deputized to tell them that?