open outcry

(redirected from Outcry Trading)

Open Outcry

A system of trading on an exchange in which members stand on the trading floor and make orders to each other by crying aloud. Some open outcry systems have developed special sign languages so they can make and fill orders without needing to be heard over the noise on the trading floor. All exchanges were originally open outcry, but many have gradually shifted toward electronic trading.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

open outcry

A public auction in which trading is conducted by calling out bids and offers. Open outcry retains its popularity on futures and options exchanges such as the Chicago Board of Trade and the New York Board of Trade despite the introduction of electronic trading systems. Some traders contend that open outcry offers better liquidity with the chance to obtain a better price. Compare auction market, dealer market.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

Open outcry.

When exchange-based commodities traders shout out their buy and sell orders or use a combination of words and hand signals to negotiate an order, it's known as open outcry.

When someone who shouts an offer to buy and someone who shouts an order to sell name the same price, a deal is struck, and the trade is recorded. Open outcry is one type of auction.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Weekly auctions still take place during and after harvest in Kenya and Tanzania, and Ethiopia's ECX still uses a hybrid of open outcry trading floor and electronic trade.
The transition from a telephone and open outcry trading platform to computer and electronic order matching platform in the past decade is arguably the biggest structural change in futures markets since they began more than 150 years ago.
Benchmark copper on the London Metal Exchange struck $6,642.50 a ton, the highest since November 2014, before paring gains to $6,620 in official open outcry trading, a gain of 0.5 percent.
From the perspective of LME brokers, however, it represents another nail in the coffin of the old market with all of its weird and wonderful features such as open outcry trading and plethora of spread trades.
Only a few dozen jobs were eliminated by the switch to trading via computers, which had been steadily ramping up over the past 10 years, and few people outside the commodities trading industry will notice, or be affected by, open outcry trading going the way of the hand-cranked automobile.
Second, NGFA recommends that part of such an emergency response plan should be that, in the event of a Globex outage, "open outcry trading will be suspended until Globex again becomes operational."
It has two, 35,000 s/f column-free open outcry trading floors with 37-foot-high ceilings, an asset CIM has coveted as it maintains a commitment to old-school verbal trading, according to Kevin Lennon, managing director Real Estate at CME Group.
Louis Bachelier, bounds up the stairs and the door opens to the bedlam of the open outcry trading floor.
Specifically, each regression accounted for differences in month of year, hour of day, and the first three minutes of open outcry trading. Month dummy variables control for differences from one month to the next and hourly dummy variables are included from 7 a.m.
Just before midday a group of them will meet at the LME building in Leadenhall Street to trade on the Ring, the Exchange's equally arcane form of open outcry trading.
Both suitors have pledged to keep the open outcry trading at the LME, but the Sunday Telegraph cited City sources as questioning this commitment by ICE which closed such trading at the International Petroleum Exchange bought in 2001.