Open outcry
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Open outcry is the system of trading which formed the basis for exchange-based transactions, with participants physically located in a pit or other arena.
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The system has been largely replaced by electronic trading, which reduces fixed costs and improves speed of execution, but is still employed for some specialised transactions at key venues including the Chicago Mercantile Exchange, the Chicago Board Options Exchange, the New York Stock Exchange and the New York Mercantile Exchange.
Open outcry also generated a system of verbal and other gestures, such as hand signals to facilitate trading[1].
References
- ↑ Open Outcry. Public Broadcasting System. Retrieved on November 21, 2007.
