open outcry
A means for conducting a public auction of futures, options or stocks with traders vocalizing their bids and offers on the floor of an exchange. Before employing electronic systems, open outcry was originally used by all exchanges. The method continues to be used to trade forex futures on the IMM in Chicago.
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Chicago Mercantile Exchange (CME)
electronic trading system
trading post
pit
Chicago Board of Trade (CBOT)
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