Trading done by human to human interaction using a combination of hand signals and verbal orders. Often associated with the NYMEX, CME Group, and CBOT. Formally the only way commodities were traded prior to electronic trading.
Becoming less and less popular, many believe that open-outcry trading will become extinct in the next few years.
Chris is using open outcry to buy 30 September Lite Sweet Crude Contracts at $75.85 a barrel.
Standing in the Crude pit, Chris will motion his hands and yell out:
"85 on 30!"
Prices shown in USD.
Type your email address below to get our free Urban Word of the Day every morning!
Emails are sent from firstname.lastname@example.org. We'll never spam you.