Open-outcry meaning

A method for conducting trades that involves traders shouting out offers and bids in a pit where futures and options are being sold. Open outcry also is used on some foreign stock and futures exchanges. The London Metal Exchange mixes two short periods of open outcry with trading that occurs over the telephone or through an electronic trading system.
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(business, finance) A trading method whereby traders gather in person, often in a pit, and call out to all their desire to buy or sell a quantity at a given price, transactions being consummated when two parties can agree on a price. Most frequently used in securities markets.
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