The area on the trading floor of an exchange where futures trading takes place. The area is described as a "pit" because it is octagonal with steps descending into the center. Traders stand on the various steps, which designate the contract month they are trading. When viewed from above, the trading area looks like a pit.
PIT
Meaning of PIT in English
A guide to futures and options market technology English dictionary. Английский словарь-руководство по фьючерсам и опционам рыночных технологий . 2012