Despite the name, pits are generally raised above the floor of an exchange, not sunk into it. Standing on the steps of a pit, rather than crowded at one level, futures traders can more easily see each other, which is critical to facilitating Chicago's "open outcry" trading, in which deals are struck by voice or (when it gets too noisy, as it often does) by an elaborate system of hand signals and by eye contact. Where one stands in a pit is important both socially and economically: one's physical position can, quite literally, be worth fighting for, even though throwing a punch can bring a $25,000 fine from an exchange.

Donald MacKenzie, An Engine, Not a Camera, loc. 79