noun
General Slang
Open outcry
· noun · finance
Pit trading by shouting and hand signals.
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Definitions
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The old-school way exchanges matched orders: traders in coloured jackets stood in a pit and screamed bids and offers at each other, backed up by hand signals so the noise didn't matter. Mostly extinct now — screens ate the floor — but the CME held on to a few pits well into the 2010s.
“My uncle traded gold via open outcry at COMEX for twenty years before the algos took it.”
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Open outcry In A Sentence
My uncle traded gold via open outcry at COMEX for twenty years before the algos took it.
Origin & Usage
Exchange floor practice dating to the 19th century; the phrase predates electronic trading by a hundred years.
Variants
open-outcry
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