54:
415:
38:
248:(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
155:
46:
22:
256:
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
391:
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
440:
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
436:
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.
103:
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
53:
132:
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
91:
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
111:
As of 2021, 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
261:
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.
737:
229:
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
375:, 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.
268:
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.
531:
730:
441:
can also be displayed. The signals can otherwise be used to indicate months, specific trade or option combinations, or additional market information.
630:
419:
723:
237:
and transactions are executed by members of such an exchange using specific language or hand signals. During the 1980s and 1990s, phone and
968:
444:
These rules may vary among exchanges or even among floors within the same exchange; however, the purpose of the gestures remains the same.
607:
194:
1521:
993:
425:
Floor hand signals are used to communicate buy and sell information in an open outcry trading environment. The system is used at
341:
668:
475:
414:
41:
The New York stock exchange trading floor in
September 1963, before the introduction of electronic readouts and computer screens
492:
396:
system into Nymex in 2006. In 2016, NYMEX ceased all open outcry trading, leaving only open outcry at its sister exchange the
76:
to transfer information primarily about buy and sell orders. The part of the trading floor where this takes place is called a
705:
306:(CSE) adopted the fully online trading and reporting system C-STAR (CSE Screen Based Trading and Reporting) on April 4, 1997.
176:
120:. However, many traders still advocate for the open outcry system on the basis that the physical contact allows traders to
987:
73:
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1005:
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430:
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37:
1516:
981:
975:
347:
97:
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1370:
1045:
689:
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321:
30:
1324:
1185:
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963:
353:
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26:
1212:
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328:
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134:
1350:
1159:
296:
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265:
212:
655:
33:. There is one podium/desk on the trading floor for each of the exchange's three thousand or so stocks.
124:
as to a buyer/seller's motives or intentions and adjust their positions accordingly. As of 2010, most
1485:
1405:
1170:
1154:
1117:
999:
942:
910:
96:. Exchanges also value positions marked to these public market prices on a daily basis. In contrast,
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69:
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817:
763:
755:
453:
335:
285:
230:
65:
472:
1510:
1314:
1299:
1274:
1228:
1180:
883:
840:
827:
778:
249:
117:
503:
1475:
1395:
1365:
1355:
1175:
1149:
898:
888:
871:
802:
797:
773:
113:
1480:
1460:
1440:
1435:
1269:
1201:
226:
154:
121:
100:
markets are where bids and offers are negotiated privately between principals.
1465:
1385:
1062:
925:
357:
288:, Italy's stock market, located in Milan, moved to electronic trading in 1994.
543:
1101:
1096:
1011:
930:
138:
532:""Open outcry" is in retreat but futures and options trading-volumes surge"
1279:
915:
514:
207:
Since the 1980s, the open outcry systems have been steadily replaced by
45:
1123:
244:
As of 2007, few exchanges still have floor trading. One example is the
179: in this section. Unsourced material may be challenged and removed.
88:
84:
21:
866:
393:
216:
715:
711:
TradingPitHistory.com - Trading Pit Hand
Signals Gallery and Archive
241:
replaced physical floor trading in most exchanges around the world.
72:, typically on a trading floor. It involves shouting and the use of
379:
Since the 1980s, Nymex had a virtual monopoly on 'open market' oil
789:
413:
125:
52:
44:
36:
20:
295:, Mumbai, embraced electronic trading in 1995 by introducing the
710:
719:
557:
148:
49:
Open outcry "pit" at the
Chicago Board of Trade (CBOT) in 1993
16:
Communication method on the trading floors of stock exchanges
64:
is a method of communication between professionals on a
669:"Frankfurter Börse: Klassischer Parketthandel endet"
1257:
1132:
1031:
951:
859:
826:
787:
753:
473:
https://www.nyse.com/pdfs/Next_Generation_Model.pdf
392:a viable business. The executives introduced CME's
313:(JSE) adopted electronic trading on 7 June 1996.
252:that encompassed both the auction method and an
299:Online Trading (BOLT) System on 14 March 1995.
731:
8:
692:, Leah McGrath Goodman, 2011, Harper Collins
526:
524:
482:NYSE Next Generation Model fact sheet, 2008
350:(MGEX) moved to electronic trading in 2008.
738:
724:
716:
656:Technology squeezes out real, live traders
344:(IPE) moved to electronic trading in 2005.
608:"Petroleum exchange silences open outcry"
338:(KRX) adopted electronic trading in 1997.
331:(TSX) adopted electronic trading in 1997.
195:Learn how and when to remove this message
420:Chinese Gold and Silver Exchange Society
465:
25:Until 2009, trades on the floor of the
320:(CSE) adopted electronic trading (The
584:딱딱이 없으면 주식거래 못했던 시절…전자시세판 등장은 '충격'이었다
7:
631:"Grain Exchange to Stop Open Outcry"
418:Hand signalling on the floor of the
281:moved to electronic trading in 1986.
177:adding citations to reliable sources
658:, Adam Shell, USA Today, 2007 7 11
606:Stevenson, Rachel (8 March 2005).
14:
994:Electronic communication network
706:New York Times Open Outcry Table
511:floor trading hand signals
342:International Petroleum Exchange
272:Conversion to electronic trading
153:
383:, but the electronically based
164:needs additional citations for
1:
988:Multilateral trading facility
629:Kelsey, Eric (October 2008).
371:, 2011, all trading moved to
225:is the meeting of traders or
1411:Returns-based style analysis
1207:Post-modern portfolio theory
1113:Security characteristic line
410:Hand signaling (open outcry)
363:New York Mercantile Exchange
1165:Efficient-market hypothesis
1069:Capital asset pricing model
1006:Straight-through processing
610:. Independent, The (London)
431:Chicago Mercantile Exchange
311:Johannesburg Stock Exchange
1540:
982:Alternative Trading System
407:
348:Minneapolis Grain Exchange
1046:Arbitrage pricing theory
583:
385:IntercontinentalExchange
369:Frankfurt Stock Exchange
322:Automated Trading System
31:face-to-face interaction
1522:Nonverbal communication
1325:Initial public offering
1186:Modern portfolio theory
1081:Dividend discount model
964:List of stock exchanges
495:The Art of Hand Signals
478:17 October 2012 at the
354:New York Stock Exchange
304:Calcutta Stock Exchange
246:New York Stock Exchange
27:New York Stock Exchange
1213:Random walk hypothesis
422:
398:Chicago Board of Trade
373:Xetra (trading system)
329:Toronto Stock Exchange
318:Colombo Stock Exchange
135:Chicago Board of Trade
58:
57:CBOT "The Pit" in 1908
50:
42:
34:
1351:Market capitalization
1160:Dollar cost averaging
417:
293:Bombay Stock Exchange
279:London Stock Exchange
266:London Metal Exchange
56:
48:
40:
24:
1171:Fundamental analysis
1155:Contrarian investing
1118:Security market line
1023:Liquidity aggregator
1000:Direct market access
911:Quantitative analyst
387:(ICE) began trading
173:improve this article
1416:Reverse stock split
1361:Market manipulation
1285:Dual-listed company
1145:Algorithmic trading
1075:Capital market line
877:Inter-dealer broker
509:on 5 February 2012.
356:, 2006–2007, under
1456:Stock market index
1295:Efficient frontier
1234:Technical analysis
1192:Momentum investing
1014:(private exchange)
904:Proprietary trader
846:Shares outstanding
836:Authorised capital
538:. 5 January 2017.
423:
259:electronic trading
254:electronic trading
239:electronic trading
209:electronic trading
106:electronic trading
83:In an open outcry
59:
51:
43:
35:
29:always involved a
1517:Financial markets
1504:
1503:
1305:Flight-to-quality
1057:Buffett indicator
747:Financial markets
427:futures exchanges
257:its place. While
235:futures exchanges
211:systems (such as
205:
204:
197:
130:futures contracts
1529:
1421:Share repurchase
1133:Trading theories
1018:Crossing network
976:Over-the-counter
813:Restricted stock
769:Secondary market
740:
733:
726:
717:
693:
687:
681:
680:
678:
676:
665:
659:
653:
647:
646:
644:
642:
633:. Archived from
626:
620:
619:
617:
615:
603:
597:
596:
594:
592:
579:
573:
572:
570:
568:
554:
548:
547:
528:
519:
518:
510:
508:
502:. Archived from
501:
489:
483:
470:
200:
193:
189:
186:
180:
157:
149:
98:over-the-counter
70:futures exchange
1539:
1538:
1532:
1531:
1530:
1528:
1527:
1526:
1507:
1506:
1505:
1500:
1491:Voting interest
1401:Public offering
1336:Mandatory offer
1310:Government bond
1290:DuPont analysis
1253:
1249:Value investing
1244:Value averaging
1239:Trend following
1224:Style investing
1219:Sector rotation
1134:
1128:
1107:Net asset value
1033:Stock valuation
1027:
947:
855:
822:
808:Preferred stock
783:
749:
744:
702:
697:
696:
688:
684:
674:
672:
667:
666:
662:
654:
650:
640:
638:
637:on 16 July 2011
628:
627:
623:
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611:
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604:
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588:
585:
581:
580:
576:
566:
564:
556:
555:
551:
530:
529:
522:
512:
506:
499:
491:
490:
486:
480:Wayback Machine
471:
467:
462:
450:
412:
406:
381:futures trading
324:(ATS)) in 1997.
274:
231:stock exchanges
201:
190:
184:
181:
170:
158:
147:
94:price discovery
17:
12:
11:
5:
1537:
1536:
1533:
1525:
1524:
1519:
1509:
1508:
1502:
1501:
1499:
1498:
1493:
1488:
1483:
1478:
1473:
1468:
1463:
1458:
1453:
1451:Stock exchange
1448:
1446:Stock dilution
1443:
1438:
1433:
1428:
1423:
1418:
1413:
1408:
1403:
1398:
1393:
1388:
1383:
1378:
1373:
1371:Mean reversion
1368:
1363:
1358:
1353:
1348:
1346:Market anomaly
1343:
1338:
1333:
1328:
1322:
1317:
1312:
1307:
1302:
1297:
1292:
1287:
1282:
1277:
1272:
1267:
1265:Bid–ask spread
1261:
1259:
1255:
1254:
1252:
1251:
1246:
1241:
1236:
1231:
1226:
1221:
1216:
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1199:
1194:
1189:
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1173:
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1130:
1129:
1127:
1126:
1121:
1115:
1110:
1104:
1099:
1094:
1092:Earnings yield
1089:
1087:Dividend yield
1084:
1078:
1072:
1066:
1060:
1054:
1049:
1043:
1037:
1035:
1029:
1028:
1026:
1025:
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1015:
1009:
1003:
997:
991:
985:
979:
978:(off-exchange)
973:
972:
971:
966:
955:
953:
952:Trading venues
949:
948:
946:
945:
940:
939:
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928:
923:
918:
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908:
907:
906:
901:
891:
886:
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880:
879:
874:
863:
861:
857:
856:
854:
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851:Treasury stock
848:
843:
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832:
830:
824:
823:
821:
820:
818:Tracking stock
815:
810:
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785:
784:
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776:
771:
766:
764:Primary market
760:
758:
751:
750:
745:
743:
742:
735:
728:
720:
714:
713:
708:
701:
700:External links
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682:
660:
648:
621:
598:
574:
549:
520:
484:
464:
463:
461:
458:
457:
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454:Trading jacket
449:
446:
408:Main article:
405:
402:
377:
376:
366:
365:(Nymex), 2006.
360:
351:
345:
339:
336:Korea Exchange
332:
325:
314:
307:
300:
289:
286:Borsa Italiana
282:
273:
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203:
202:
161:
159:
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118:broker/dealers
66:stock exchange
15:
13:
10:
9:
6:
4:
3:
2:
1535:
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1426:Short selling
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1323:
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1318:
1316:
1315:Greenspan put
1313:
1311:
1308:
1306:
1303:
1301:
1300:Financial law
1298:
1296:
1293:
1291:
1288:
1286:
1283:
1281:
1278:
1276:
1275:Cross listing
1273:
1271:
1268:
1266:
1263:
1262:
1260:
1258:Related terms
1256:
1250:
1247:
1245:
1242:
1240:
1237:
1235:
1232:
1230:
1229:Swing trading
1227:
1225:
1222:
1220:
1217:
1214:
1211:
1208:
1205:
1203:
1200:
1198:
1197:Mosaic theory
1195:
1193:
1190:
1187:
1184:
1182:
1181:Market timing
1179:
1177:
1174:
1172:
1169:
1166:
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1161:
1158:
1156:
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1148:
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1140:
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1125:
1122:
1119:
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1111:
1108:
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1103:
1100:
1098:
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1044:
1042:
1039:
1038:
1036:
1034:
1030:
1024:
1021:
1019:
1016:
1013:
1010:
1007:
1004:
1001:
998:
995:
992:
989:
986:
983:
980:
977:
974:
970:
969:Trading hours
967:
965:
962:
961:
960:
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956:
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950:
944:
941:
937:
934:
933:
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914:
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905:
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897:
896:
895:
892:
890:
887:
885:
884:Broker-dealer
882:
878:
875:
873:
870:
869:
868:
865:
864:
862:
858:
852:
849:
847:
844:
842:
841:Issued shares
839:
837:
834:
833:
831:
829:
828:Share capital
825:
819:
816:
814:
811:
809:
806:
804:
801:
799:
796:
795:
793:
791:
786:
780:
779:Fourth market
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748:
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609:
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545:
541:
537:
536:The Economist
533:
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445:
442:
438:
434:
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421:
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411:
403:
401:
399:
395:
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389:oil contracts
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269:
267:
262:
260:
255:
251:
250:hybrid market
247:
242:
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236:
232:
228:
224:
223:Floor trading
220:
218:
214:
210:
199:
196:
188:
178:
174:
168:
167:
162:This section
160:
156:
151:
150:
144:
142:
140:
137:owned by the
136:
131:
127:
123:
119:
115:
114:market makers
109:
107:
101:
99:
95:
90:
86:
81:
79:
75:
71:
67:
63:
55:
47:
39:
32:
28:
23:
19:
1476:Tender offer
1396:Public float
1380:
1366:Market trend
1356:Market depth
1176:Growth stock
1150:Buy and hold
1059:(Cap-to-GDP)
899:Floor trader
889:Market maker
872:Floor broker
860:Participants
803:Golden share
798:Common stock
774:Third market
685:
673:. Retrieved
663:
651:
639:. Retrieved
635:the original
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429:such as the
424:
404:Hand signals
378:
263:
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227:stockbrokers
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171:Please help
166:verification
163:
110:
102:
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74:hand signals
61:
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1481:Uptick rule
1461:Stock split
1441:Squeeze-out
1436:Speculation
1381:Open outcry
1270:Block trade
1202:Pairs trade
641:17 December
614:13 December
587:(in Korean)
513:( 455
62:Open outcry
1511:Categories
1486:Volatility
1466:Stock swap
1386:Order book
1137:strategies
1063:Book value
931:Arbitrager
926:Speculator
690:The Asylum
671:. May 2011
460:References
358:John Thain
185:March 2024
1102:Fed model
1097:EV/EBITDA
1012:Dark pool
943:Regulator
788:Types of
754:Types of
558:"Trading"
544:0013-0613
139:CME Group
122:speculate
108:systems.
1431:Slippage
1391:Position
1376:Momentum
1280:Dividend
959:Exchange
916:Investor
591:14 April
567:7 August
476:Archived
448:See also
1320:Haircut
1124:T-model
936:Scalper
756:markets
562:TSX.com
145:History
85:auction
1341:Margin
1209:(PMPT)
1071:(CAPM)
921:Hedger
894:Trader
867:Broker
790:stocks
675:18 May
542:
394:Globex
217:Globex
126:stocks
1496:Yield
1471:Trade
1406:Rally
1327:(IPO)
1215:(RMH)
1188:(MPT)
1167:(EMH)
1120:(SML)
1109:(NAV)
1083:(DDM)
1077:(CML)
1048:(APT)
1041:Alpha
1008:(STP)
1002:(DMA)
996:(ECN)
990:(MTF)
984:(ATS)
507:(PDF)
500:(PDF)
1331:Long
1135:and
1065:(BV)
1052:Beta
677:2022
643:2008
616:2008
593:2020
569:2018
540:ISSN
334:The
327:The
316:The
309:The
302:The
291:The
284:The
277:The
264:The
215:and
213:CATS
128:and
116:and
89:bids
515:KiB
297:BSE
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175:by
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