FOX Business Network [FBN] has located its Chicago Bureau on the trading floor of the Chicago Mercantile Exchange (CME). The move, effective today, marks the first time a financial news network will have branded booth on the floor of the CME and a full staff on hand to cover breaking commodities and Midwest market news. The Bureau moves from a previous Wacker Drive location.
Sandra Smith, a reporter for the Fox Business Network in New York City, was nice enough to answer a few questions for Wall Street Pit about FBN jumping head first into full time coverage in the actual thick of it all at the Chicago Mercantile Exchange.
What is the importance of CME?
It is where the world goes to hedge risk. Businesses and individuals buy and sell futures and options to protect their bottom lines and their portfolio. What happens there matters to all of us. From the price of gas to our morning cereal, we are all affected by the daily price discovery of the many products listed on the CME Group.
What are the benefits of reporting live from the floor?
Sights, sounds and voices. Even in this age of technology, the instant reaction of the Chicago trading floor can still give us first clues into events that are about to happen, are happening, are just happened. We can give viewers first hand info they can’t get from their computer screens.
What are the driving factors behind FBN’s decision to move from downtown Chicago to the floor of the CME?
While downtown Chicago is the business center of the midwest, the CME Group is the business center of the world. It is the world’s largest derivatives exchange and a major player in global finance. We want to bring the sights and sounds, as well as the predictions and reactions of that trading floor to our viewers.
Thanks for sharing your answers Sandra!
CME Executive Chairman Terry Duffy will join FBN’s Connell McShane to help celebrate the launch at 10AM central today.