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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.
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.
The terms "dealing room" and "trading floor" are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading , the trading room becomes the only remaining place that is emblematic of the financial market.
Trading was conducted by open outcry, where traders meet on the trading floor (in what is called the pit) to conduct trades. The Exchange was originally housed in the historic Royal Exchange building near Bank but then moved to Cannon Bridge in 1991. [3] [4]
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. Goodman's book tells the stories of many of the personalities that built the exchange in this era. [6]
In September 2019, Cboe Global Markets announced it was relocating its headquarters to the Old Chicago Main Post Office and that a new trading floor would be constructed in the Chicago Board of Trade building, which was the space the exchange originally occupied in the 1970s and 1980s. [23] The new trading floor opened in June 2022. [24]
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Pit is a fast-paced card game for three to eight players, designed to simulate open outcry bidding for commodities. The game first went on sale in 1904 by the American games company Parker Brothers. [1] The inspirations were the Chicago Board of Trade (known as the Pit) and the US Corn Exchange.