open outcry

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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.
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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 ?
There's reason to mourn the passing of the open outcry era, however, and it's not simply nostalgia.
Further, allowing open outcry trading to continue during a Globex outage would create at least the potential for significant market moves to occur without providing equal access to all market participants seeking to offset risk.
(8) Beginning in June 2012, the CME announced that open outcry hours would begin at 7:20 a.m.
Pre-Big Bang in 1986, the LSE was an old-fashioned gentlemen's club with an open outcry trading floor.
Having received support from Oman, the DME is to adopt a Persian Gulf sour crude oil futures contract in an electronic trading platform, with an open outcry system.
Robust growth since 2002 of Kenya's Nairobi Stock Exchange (NSE) has led to the introduction of electronic trading, ending over 50 years of open outcry and 'eyeball-to-eyeball' dealing on one of sub-Saharan Africa's busiest bourses.
The services are for the open outcry futures exchange that NYMEX plans to open in London, UK.
Nymex's new operation is based on the open outcry system, where deals are done face to face on the trading floor.
Currently, it is providing electronic trading only for a few hours after the Japanese market closes each day, and also daytime trading on the open outcry system.
My first contact with an open outcry exchange (the basis of the Betfair model) came when I had the opportunity to trade shares on the New York Stock Exchange in the early 1990s.
Trading on the open outcry markets, where traders do business on the exchange floor, was suspended but resumed at 4pm, said a IPE spokeswoman.