Open outcry

trading floorfloor tradingopen-outcryfloor of the exchangetrading pitopen outcry tradingpitpitstrading floorstrading pits
Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange typically on a trading floor.wikipedia
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Stock exchange

stock exchangesexchangebourse
Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange typically on a trading floor.
Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions at a central location such as the floor of the exchange.

Hand signaling (open outcry)

hand signalsArbhand signaling
It involves shouting and the use of hand signals to transfer information primarily about buy and sell orders.
Hand signaling, also known as arb or arbing (short for arbitrage), is a system of hand signals used on financial trading floors to communicate buy and sell information in an open outcry trading environment.

Electronic trading

screen-based tradingeTradinge-trading
This started changing in the latter half of the 20th century, first through the use of telephone trading, and then starting in the 1980s with electronic trading systems. Since the 1980s, the open outcry systems have been being replaced by electronic trading systems (such as CATS and Globex). On 24 January 2007, the NYSE went from being strictly an auction market to a hybrid market that encompassed both the auction method and an electronic trading method that immediately makes the trade electronically.
Electronic trading is in contrast to older floor trading and phone trading and has a number of advantages, but glitches and cancelled trades do still occur.

Futures exchange

futures marketfuturesfutures markets
Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange typically on a trading floor.
It counts for over $45.5 billion of nominal trade (over 1 million contracts) every single day in "electronic trading" as opposed to open outcry trading of futures, options and derivatives.

CATS (trading system)

CATSCATS (Computer Assisted Trading System)CATS trading system
Since the 1980s, the open outcry systems have been being replaced by electronic trading systems (such as CATS and Globex).
In some cases, it was used as an assistance to open-outcry, but in others it allowed for a full dismantlement of the open-outcry institution.

New York Stock Exchange

NYSENew YorkNew York Stock Exchange (NYSE)
One example is the New York Stock Exchange (NYSE), which still executes a small percentage of its trades on the floor.
They will gather around the appropriate post where a specialist broker, who is employed by a NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction.

London Stock Exchange

LSELondonStock Exchange
The London Stock Exchange moved to electronic trading in 1986.
The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading.

JSE Limited

JSEJohannesburg Stock ExchangeJohannesburg
The Johannesburg Stock Exchange (JSE) adopted electronic trading on 7 June 1996.
After 108 years, the open outcry system of trading was changed to an electronic system on 7 June 1996.

Toronto Stock Exchange

TSXTSEToronto
The Toronto Stock Exchange (TSX) adopted electronic trading in 1997.
On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment.

New York Mercantile Exchange

COMEXNYMEXCommodity Exchange, Inc. (COMEX)
New York Mercantile Exchange (Nymex), 2006.
Although mostly electronic since 2006, the NYMEX maintained a small venue, or "pit", that still practiced the open outcry trading system, in which traders employed shouting and complex hand gestures on the physical trading floor.

International Petroleum Exchange

energy futuresIPELondon
International Petroleum Exchange (IPE) moved to electronic trading in 2005.
The IPE was an open outcry exchange until 7 April 2005, when its name was changed to ICE Futures and all trading was shifted onto an electronic trading platform.

Chicago Mercantile Exchange

CMEChicago MercantileCME Group
Since the 1980s, the open outcry systems have been being replaced by electronic trading systems (such as CATS and Globex).
Trading is conducted in two methods; an open outcry format and the Globex Trading System which is an electronic trading platform.

Minneapolis Grain Exchange

Minneapolis Grain Exchange Buildingwheat futures market
Minneapolis Grain Exchange (MGEX) moved to electronic trading in 2008.
On December 19, 2008, the Minneapolis Grain Exchange ceased operations of the open outcry trading floor, but continues daily operations for the electronic trading platform.

Price discovery

price discovery mechanismpricing
New bids or offers would be made if better than previous pricing for efficient price discovery.

Over-the-counter (finance)

over-the-counterOTCover the counter
In contrast, over-the-counter markets are where bids and offers are negotiated privately between principals.

Market maker

market makingmarket makersspecialist
The supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and less prone to manipulation by market makers and broker/dealers.

Broker-dealer

broker-dealersbroker dealerdealers
The supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and less prone to manipulation by market makers and broker/dealers.

Stock

equitiesequityshares
As of 2010, most stocks and futures contracts were no longer traded using open outcry due to the lower cost of the aforementioned technological advances.

Futures contract

futuresfutures tradingfutures contracts
As of 2010, most stocks and futures contracts were no longer traded using open outcry due to the lower cost of the aforementioned technological advances. Since the 1980s, Nymex had a virtual monopoly on 'open market' oil futures trading, but the electronically based IntercontinentalExchange (ICE) began trading oil contracts that were extremely similar to Nymex's in the early 2000s and Nymex began to lose market share almost immediately.

Stockbroker

stock brokerstockbrokersstockbroking
Floor trading is the meeting of traders or stockbrokers at a specific venue referred to as a trading floor or pit to buy and sell financial instruments using open outcry method to communicate with each other.

Hybrid market

On 24 January 2007, the NYSE went from being strictly an auction market to a hybrid market that encompassed both the auction method and an electronic trading method that immediately makes the trade electronically.

Intercontinental Exchange

ICEICE Data ServicesICE Futures Europe
Since the 1980s, Nymex had a virtual monopoly on 'open market' oil futures trading, but the electronically based IntercontinentalExchange (ICE) began trading oil contracts that were extremely similar to Nymex's in the early 2000s and Nymex began to lose market share almost immediately.

Borsa Italiana

Milan Stock ExchangeItalian Stock ExchangePiazza Affari
The Borsa Italiana, Italy's stock market, located in Milan, moved to electronic trading in 1994.

Bombay Stock Exchange

BSEBombay Stock Exchange (BSE)Bombay
The Bombay Stock Exchange, Mumbai, embraced electronic trading in 1995 by introducing the BSE Online Trading (BOLT) System on 14 March 1995.

Colombo Stock Exchange

ColomboSri Lanka Stock Exchangestock exchange
The Colombo Stock Exchange (CSE) adopted electronic trading(The Automated Trading System (ATS) in 1997 and upgraded from ATS 4.00 to ATS 7.10.