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Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orders. [2] The part of the trading floor where this takes place is called a pit.
The pits are areas of the floor that are lowered to facilitate communication, somewhat like a miniature amphitheater. The pits can be raised and lowered depending on trading volume. To an onlooker, the open outcry system can look chaotic and confusing, but in reality, the system is a tried and true method of accurate and efficient trading.
Floored is a 2009 documentary film about floor traders of the Chicago futures exchange trading floors, which were becoming obsolete due to electronic trading. Directed by James Allen Smith, the film runs for 77 minutes. [1] [2] The film was released in September 2009, as economies were recovering from the Great Recession and just before the ...
The row highlights a long-running battle between modernists and traditionalists over the future of the LME ring, the last open-outcry trading floor left in Europe after other exchanges for ...
Now there's a new system in place, hybrid trading, that lets computers do most of the heavy lifting, putting traditional trading pits on the endangered list. In 2006, floor traders handled 86% of ...
The energy trading business took off, and NYMEX boomed. The open outcry floor became a cacophony of shouting traders and pit cards. The pits became a place where many people without much education or ability to fit into Wall Street could have a chance at being rich.
Men working the floor at the Chicago Board of Trade as photographed by Stanley Kubrick for Look magazine in 1949 Trading floor at the Chicago Board of Trade in 1993. The concerns of U.S. merchants to ensure that there were buyers and sellers for commodities have resulted in forward contracts to sell and buy commodities.
On December 19, 2008, the Minneapolis Grain Exchange ceased operations of the open outcry trading floor, but continues daily operations for the electronic processing of financial transactions. Today, HRSW futures trade exclusively electronically and options trade side-by-side.