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class="mw-page-title-main">Open outcry</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. 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typeof="mw:File/Thumb"><a href="/wiki/File:NYSE-floor.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/NYSE-floor.jpg/220px-NYSE-floor.jpg" decoding="async" width="220" height="144" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/NYSE-floor.jpg/330px-NYSE-floor.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/0/01/NYSE-floor.jpg 2x" data-file-width="387" data-file-height="254" /></a><figcaption>Until 2009,<sup id="cite_ref-NYSE_Next_Generation_Model_1-0" class="reference"><a href="#cite_note-NYSE_Next_Generation_Model-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> trades on the floor of the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> always involved a <a href="/wiki/Face-to-face_interaction" class="mw-redirect" title="Face-to-face interaction">face-to-face interaction</a>. There is one podium/desk on the trading floor for each of the exchange's three thousand or so stocks.</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/220px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/330px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/440px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 2x" data-file-width="4537" data-file-height="3004" /></a><figcaption>The New York stock exchange trading floor in September 1963, before the introduction of electronic readouts and computer screens</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Chicago_bot.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Chicago_bot.jpg/250px-Chicago_bot.jpg" decoding="async" width="220" height="161" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Chicago_bot.jpg/330px-Chicago_bot.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Chicago_bot.jpg/500px-Chicago_bot.jpg 2x" data-file-width="600" data-file-height="439" /></a><figcaption>Open outcry "pit" at the Chicago Board of Trade (CBOT) in 1993</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Life_and_character_of_William_Taylor_Baker,_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_(1908)_(14784557132).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/10/Life_and_character_of_William_Taylor_Baker%2C_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_%281908%29_%2814784557132%29.jpg/250px-Life_and_character_of_William_Taylor_Baker%2C_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_%281908%29_%2814784557132%29.jpg" decoding="async" width="220" height="179" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/10/Life_and_character_of_William_Taylor_Baker%2C_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_%281908%29_%2814784557132%29.jpg/330px-Life_and_character_of_William_Taylor_Baker%2C_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_%281908%29_%2814784557132%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/10/Life_and_character_of_William_Taylor_Baker%2C_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_%281908%29_%2814784557132%29.jpg/500px-Life_and_character_of_William_Taylor_Baker%2C_president_of_the_World%27s_Columbian_exposition_and_of_the_Chicago_Board_of_trade_%281908%29_%2814784557132%29.jpg 2x" data-file-width="2688" data-file-height="2184" /></a><figcaption>CBOT "The Pit" in 1908</figcaption></figure> <p><b>Open outcry</b> is a method of communication between professionals on a <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a> or <a href="/wiki/Futures_exchange" title="Futures exchange">futures exchange</a>, typically on a trading floor. It involves shouting and the use of <a href="/wiki/Hand_signaling_(stock_market)" class="mw-redirect" title="Hand signaling (stock market)">hand signals</a> to transfer information primarily about buy and sell orders.<sup id="cite_ref-hand-signals_2-0" class="reference"><a href="#cite_note-hand-signals-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The part of the trading floor where this takes place is called a <i>pit</i>. </p><p>In an open outcry <a href="/wiki/Auction" title="Auction">auction</a>, <a href="/wiki/Bidding" title="Bidding">bids</a> and offers must be made out in the open market, giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>. Exchanges also value positions marked to these public market prices on a daily basis. In contrast, <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a> markets are where bids and offers are negotiated privately between principals. </p><p>Since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to communicate among traders. This started changing in the latter half of the 20th century, first through the use of telephone trading, and then starting in the 1980s with <a href="/wiki/Electronic_trading" title="Electronic trading">electronic trading</a> systems. </p><p>As of 2021<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Open_outcry&action=edit">[update]</a></sup>, a few exchanges still had floor trading using open outcry. The supporters of electronic trading claim that it is faster, cheaper, more efficient for users, and less prone to manipulation by <a href="/wiki/Market_maker" title="Market maker">market makers</a> and <a href="/wiki/Broker-dealer" title="Broker-dealer">broker/dealers</a>. However, many traders still advocate for the open outcry system on the basis that the physical contact allows traders to <a href="/wiki/Speculation" title="Speculation">speculate</a> as to a buyer/seller's motives or intentions and adjust their positions accordingly. As of 2010, most <a href="/wiki/Stock" title="Stock">stocks</a> and <a href="/wiki/Futures_contract" title="Futures contract">futures contracts</a> were no longer traded using open outcry due to the lower cost of the aforementioned technological advances. As of 2017, open outcry in the United States was very limited, such as in a much more stream-lined form at the <a href="/wiki/Chicago_Board_of_Trade" title="Chicago Board of Trade">Chicago Board of Trade</a> owned by the <a href="/wiki/CME_Group" title="CME Group">CME Group</a>.<sup id="cite_ref-Economist1_3-0" class="reference"><a href="#cite_note-Economist1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open_outcry&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Open_outcry" title="Special:EditPage/Open outcry">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">March 2024</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Since the 1980s, the open outcry systems have been steadily replaced by <a href="/wiki/Electronic_trading" title="Electronic trading">electronic trading</a> systems (such as <a href="/wiki/CATS_(trading_system)" title="CATS (trading system)">CATS</a> and <a href="/wiki/Globex" class="mw-redirect" title="Globex">Globex</a>). </p><p><b>Floor trading</b> is the meeting of traders or <a href="/wiki/Stockbroker" title="Stockbroker">stockbrokers</a> at a specific venue referred to as a trading floor or pit to buy and sell financial instruments using open outcry method to communicate with each other. These venues are typically <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a> or <a href="/wiki/Futures_exchange" title="Futures exchange">futures exchanges</a> and transactions are executed by members of such an exchange using specific language or hand signals. During the 1980s and 1990s, phone and <a href="/wiki/Electronic_trading" title="Electronic trading">electronic trading</a> replaced physical floor trading in most exchanges around the world. </p><p>As of 2007, few exchanges still have floor trading. One example is the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (NYSE), which still executes a small percentage of its trades on the floor. That means that the traders actually form a group around the post on the floor of the market for the specialist, someone that works for one of the NYSE member firms and handles the stock. As in an auction, there are shouts from those that want to sell and those that want to buy. The specialist facilitates in the match and centralizing the trades. On 24 January 2007, the NYSE went from being strictly an auction market to a <a href="/wiki/Hybrid_market" title="Hybrid market">hybrid market</a> that encompassed both the auction method and an <a href="/wiki/Electronic_trading" title="Electronic trading">electronic trading</a> method that immediately makes the trade electronically. A small group of extremely high-priced stocks is not on this trading system and is still auctioned on the trading floor. Even though over 82 percent of the trades take place electronically, the action on the floor of the stock exchange still has its place. While <a href="/wiki/Electronic_trading" title="Electronic trading">electronic trading</a> is faster and provides for anonymity, there is more opportunity to improve the price of a share if it goes to the floor. Investors maintain the right to select the method they want to use.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (September 2012)">as of?</span></a></i>]</sup> </p><p>The <a href="/wiki/London_Metal_Exchange" title="London Metal Exchange">London Metal Exchange</a> is the last open outcry exchange in Europe. It utilises short periods of face-to-face "ring trading" for price discovery, with further trades taking place electronically. </p> <div class="mw-heading mw-heading3"><h3 id="Conversion_to_electronic_trading">Conversion to electronic trading</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open_outcry&action=edit&section=2" title="Edit section: Conversion to electronic trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>The <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a> moved to electronic trading in 1986.</li> <li>The <a href="/wiki/Borsa_Italiana" title="Borsa Italiana">Borsa Italiana</a>, Italy's stock market, located in Milan, moved to electronic trading in 1994.</li> <li>The <a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">Bombay Stock Exchange</a>, Mumbai, embraced electronic trading in 1995 by introducing the <a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">BSE</a> Online Trading (BOLT) System on 14 March 1995.</li> <li>The <a href="/wiki/Calcutta_Stock_Exchange" title="Calcutta Stock Exchange">Calcutta Stock Exchange</a> (CSE) adopted the fully online trading and reporting system C-STAR (CSE Screen Based Trading and Reporting) on April 4, 1997.</li> <li>The <a href="/wiki/Johannesburg_Stock_Exchange" class="mw-redirect" title="Johannesburg Stock Exchange">Johannesburg Stock Exchange</a> (JSE) adopted electronic trading on 7 June 1996.</li> <li>The <a href="/wiki/Colombo_Stock_Exchange" title="Colombo Stock Exchange">Colombo Stock Exchange</a> (CSE) adopted electronic trading (The <a href="/wiki/Automated_Trading_System" class="mw-redirect" title="Automated Trading System">Automated Trading System</a> (ATS)) in 1997.</li> <li>The <a href="/wiki/Toronto_Stock_Exchange" title="Toronto Stock Exchange">Toronto Stock Exchange</a> (TSX) adopted electronic trading in 1997.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></li> <li>The <a href="/wiki/Korea_Exchange" title="Korea Exchange">Korea Exchange</a> (KRX) adopted electronic trading in 1997.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/International_Petroleum_Exchange" class="mw-redirect" title="International Petroleum Exchange">International Petroleum Exchange</a> (IPE) moved to electronic trading in 2005.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Minneapolis_Grain_Exchange" title="Minneapolis Grain Exchange">Minneapolis Grain Exchange</a> (MGEX) moved to electronic trading in 2008.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>, 2006–2007, under <a href="/wiki/John_Thain" title="John Thain">John Thain</a><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/New_York_Mercantile_Exchange" title="New York Mercantile Exchange">New York Mercantile Exchange</a> (Nymex), 2006.</li> <li><a href="/wiki/Frankfurt_Stock_Exchange" title="Frankfurt Stock Exchange">Frankfurt Stock Exchange</a>, 2011, all trading moved to <a href="/wiki/Xetra_(trading_system)" title="Xetra (trading system)">Xetra (trading system)</a>, ending the possibility to execute orders via open outcry on the floor. Market makers, however, continue to operate on the floor as "Xetra-Specialists", providing liquidity.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li></ul> <p>Since the 1980s, Nymex had a virtual monopoly on 'open market' oil <a href="/wiki/Futures_trading" class="mw-redirect" title="Futures trading">futures trading</a>, but the electronically based <a href="/wiki/IntercontinentalExchange" class="mw-redirect" title="IntercontinentalExchange">IntercontinentalExchange</a> (ICE) began trading <a href="/wiki/Futures_contract" title="Futures contract">oil contracts</a> that were extremely similar to Nymex's in the early 2000s and Nymex began to lose market share almost immediately. The pit-traders at Nymex had been resisting the electronic move for decades, but the executives believed the exchange had to move to the electronic format, or it would cease to exist as a viable business. The executives introduced CME's <a href="/wiki/Globex" class="mw-redirect" title="Globex">Globex</a> system into Nymex in 2006.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> In 2016, NYMEX ceased all open outcry trading, leaving only open outcry at its sister exchange the <a href="/wiki/Chicago_Board_of_Trade" title="Chicago Board of Trade">Chicago Board of Trade</a>.<sup id="cite_ref-Economist1_3-1" class="reference"><a href="#cite_note-Economist1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Hand_signals">Hand signals</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open_outcry&action=edit&section=3" title="Edit section: Hand signals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Hand_signaling_(open_outcry)" title="Hand signaling (open outcry)">Hand signaling (open outcry)</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg/220px-Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg/330px-Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg/440px-Chinese_Gold_and_Silver_Exchange_Society_hand_signals.jpg 2x" data-file-width="4256" data-file-height="2832" /></a><figcaption>Hand signalling on the floor of the <a href="/w/index.php?title=Chinese_Gold_and_Silver_Exchange_Society_(2012)&action=edit&redlink=1" class="new" title="Chinese Gold and Silver Exchange Society (2012) (page does not exist)">Chinese Gold and Silver Exchange Society (2012)</a></figcaption></figure> <p>Floor hand signals are used to communicate buy and sell information in an open outcry trading environment. The system is used at <a href="/wiki/Futures_exchange" title="Futures exchange">futures exchanges</a> such as the <a href="/wiki/Chicago_Mercantile_Exchange" title="Chicago Mercantile Exchange">Chicago Mercantile Exchange</a>. </p><p>Traders usually flash the signals quickly across a room to make a sale or a purchase. Signals that occur with palms facing out and hands away from the body are an indication the gesturer wishes to sell. When traders face their palms in and hold their hands up, they are gesturing to buy. </p><p>Numbers one through five are gestured on one hand, and six through ten are gestured in the same way only held sideways at a 90-degree angle (index finger out sideways is six, two fingers is seven, and so on). Numbers gestured from the forehead are blocks of ten, and blocks of hundreds and thousands can also be displayed. The signals can otherwise be used to indicate months, specific trade or option combinations, or additional market information. </p><p>These rules may vary among exchanges or even among floors within the same exchange; however, the purpose of the gestures remains the same. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open_outcry&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Trading_jacket" title="Trading jacket">Trading jacket</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open_outcry&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-NYSE_Next_Generation_Model-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-NYSE_Next_Generation_Model_1-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="https://www.nyse.com/pdfs/Next_Generation_Model.pdf">https://www.nyse.com/pdfs/Next_Generation_Model.pdf</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121017035630/http://www.nyse.com/pdfs/Next_Generation_Model.pdf">Archived</a> 17 October 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> NYSE Next Generation Model fact sheet, 2008</span> </li> <li id="cite_note-hand-signals-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-hand-signals_2-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120205014100/http://www.oxfordfutures.com/docs/Handsignals.pdf">"<i>The Art of Hand Signals</i>"</a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="http://www.oxfordfutures.com/docs/Handsignals.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 5 February 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Art+of+Hand+Signals&rft_id=http%3A%2F%2Fwww.oxfordfutures.com%2Fdocs%2FHandsignals.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span> floor trading hand signals <span style="font-size:85%;">( 455 <a href="/wiki/Kibibyte" class="mw-redirect" title="Kibibyte">KiB</a>)</span></span> </li> <li id="cite_note-Economist1-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Economist1_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Economist1_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation magazine cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/finance-and-economics/2017/01/05/open-outcry-is-in-retreat-but-futures-and-options-trading-volumes-surge">"<span class="cs1-kern-left"></span>"Open outcry" is in retreat but futures and options trading-volumes surge"</a>. <i>The Economist</i>. 5 January 2017. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0013-0613">0013-0613</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=%22Open+outcry%22+is+in+retreat+but+futures+and+options+trading-volumes+surge&rft.date=2017-01-05&rft.issn=0013-0613&rft_id=https%3A%2F%2Fwww.economist.com%2Ffinance-and-economics%2F2017%2F01%2F05%2Fopen-outcry-is-in-retreat-but-futures-and-options-trading-volumes-surge&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.tsx.com/trading">"Trading"</a>. <i>TSX.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">7 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=TSX.com&rft.atitle=Trading&rft_id=https%3A%2F%2Fwww.tsx.com%2Ftrading&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1 cs1-prop-script cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.hankyung.com/finance/article/2018102693131"><bdi lang="ko">딱딱이 없으면 주식거래 못했던 시절…전자시세판 등장은 '충격'이었다</bdi></a> (in Korean)<span class="reference-accessdate">. Retrieved <span class="nowrap">14 April</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=%EB%94%B1%EB%94%B1%EC%9D%B4+%EC%97%86%EC%9C%BC%EB%A9%B4+%EC%A3%BC%EC%8B%9D%EA%B1%B0%EB%9E%98+%EB%AA%BB%ED%96%88%EB%8D%98+%EC%8B%9C%EC%A0%88%E2%80%A6%EC%A0%84%EC%9E%90%EC%8B%9C%EC%84%B8%ED%8C%90+%EB%93%B1%EC%9E%A5%EC%9D%80+%27%EC%B6%A9%EA%B2%A9%27%EC%9D%B4%EC%97%88%EB%8B%A4&rft_id=https%3A%2F%2Fwww.hankyung.com%2Ffinance%2Farticle%2F2018102693131&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStevenson2005" class="citation news cs1">Stevenson, Rachel (8 March 2005). <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/news/petroleum-exchange-silences-open-outcry-527625.html">"Petroleum exchange silences open outcry"</a>. Independent, The (London)<span class="reference-accessdate">. Retrieved <span class="nowrap">13 December</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Petroleum+exchange+silences+open+outcry&rft.date=2005-03-08&rft.aulast=Stevenson&rft.aufirst=Rachel&rft_id=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fnews%2Fpetroleum-exchange-silences-open-outcry-527625.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged August 2021">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFKelsey2008" class="citation web cs1">Kelsey, Eric (October 2008). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110716194709/http://www.tcbmag.com/dailydevelopments/dailydevelopments/106186p1.aspx">"Grain Exchange to Stop Open Outcry"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.tcbmag.com/dailydevelopments/dailydevelopments/106186p1.aspx">the original</a> on 16 July 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">17 December</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Grain+Exchange+to+Stop+Open+Outcry&rft.date=2008-10&rft.aulast=Kelsey&rft.aufirst=Eric&rft_id=http%3A%2F%2Fwww.tcbmag.com%2Fdailydevelopments%2Fdailydevelopments%2F106186p1.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.usatoday.com/money/markets/2007-07-11-nyse-traders_N.htm">Technology squeezes out real, live traders</a>, Adam Shell, USA Today, 2007 7 11</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fr.de/wirtschaft/frankfurter-boerse-klassischer-parketthandel-endet-11397224.html">"Frankfurter Börse: Klassischer Parketthandel endet"</a>. May 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">18 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Frankfurter+B%C3%B6rse%3A+Klassischer+Parketthandel+endet&rft.date=2011-05&rft_id=https%3A%2F%2Fwww.fr.de%2Fwirtschaft%2Ffrankfurter-boerse-klassischer-parketthandel-endet-11397224.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpen+outcry" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.amazon.com/Asylum-Renegades-Hijacked-Worlds-Market/dp/0061766275">The Asylum</a>, Leah McGrath Goodman, 2011, Harper Collins</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Open_outcry&action=edit&section=6" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.nytimes.com/interactive/2008/04/07/opinion/20080407_TRADING_GRAPHIC.html#step1">New York Times Open Outcry Table</a></li> <li><a rel="nofollow" class="external text" href="http://tradingpithistory.com/">TradingPitHistory.com - Trading Pit Hand Signals Gallery and Archive</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl 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