open outcry

open outcry
Method of public auction for making verbal bids and offers in the trading pits or rings of futures exchanges. Chicago Board of Trade glossary
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Oral bids and offers made in the trading rings, or pits. "Open outcry" is required for trading futures and futures options contracts to assure arms-length transactions. This method also assures the buyer and seller that the best available price is obtained. The CENTER ONLINE Futures Glossary
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The method of trading that the CFTC requires in the exchange trading pits whereby all trades are made with verbal bids and offers.In open outcry, only the highest Bid and lowest Offer prices can compete (that is, be shouted, accompanied by hand signals, by the floor brokers and floor traders) on the trading floor at any given moment. Chicago Mercantile Exchange Glossary
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A trading system in which members trade openly and verbally on a trading floor by 'crying' out their prices in a designated area normally known as a pit. Open outcry is the predominant method of trading used on derivatives exchanges, although such exchanges sometimes also use screen based trading systems. Dresdner Kleinwort Wasserstein financial glossary

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open outcry ˌopen ˈoutcry noun [uncountable]
FINANCE when trading on a financial market takes place directly between dealers on a trading floor, rather than by using computers and the telephone:

• While electronic trading is cheaper, supporters of open outcry say it offers better liquidity.

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   An open-outcry market is one where buyers and sellers are brought together on a trading floor and cry out bids and offers to each other. In theory all buyers and sellers should be able to hear all the current bids and offers at all times.

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open outcry UK US noun [U] STOCK MARKET, FINANCE
► a method of trading on a financial market in which people shout out their bids and offers, rather than trading using the phone or online: »

Dealers conduct their business via display screens linked to a central computer rather than by open outcry on a trading floor.

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open-outcry dealing/trading

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an open-outcry exchange/system/trader

→ See also OPEN-CRY AUCTION(Cf. ↑open-cry auction)

Financial and business terms. 2012.

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Look at other dictionaries:

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  • open outcry — noun a system of financial trading in which dealers shout their bids and contracts aloud …   English new terms dictionary

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  • open outcry — …   Useful english dictionary

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