65:
426:
49:
259:(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
166:
57:
33:
267:
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
402:
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
451:
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
447:
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.
114:
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
143:
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
102:
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
122:
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
64:
272:
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.
240:
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
386:, 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.
279:
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.
542:
748:
452:
can also be displayed. The signals can otherwise be used to indicate months, specific trade or option combinations, or additional market information.
641:
248:
and transactions are executed by members of such an exchange using specific language or hand signals. During the 1980s and 1990s, phone and
455:
These rules may vary among exchanges or even among floors within the same exchange; however, the purpose of the gestures remains the same.
741:
618:
430:
436:
Floor hand signals are used to communicate buy and sell information in an open outcry trading environment. The system is used at
679:
486:
52:
The New York stock exchange trading floor in
September 1963, before the introduction of electronic readouts and computer screens
503:
407:
system into Nymex in 2006. In 2016, NYMEX ceased all open outcry trading, leaving only open outcry at its sister exchange the
87:
to transfer information primarily about buy and sell orders. The part of the trading floor where this takes place is called a
734:
716:
317:(CSE) adopted the fully online trading and reporting system C-STAR (CSE Screen Based Trading and Reporting) on April 4, 1997.
979:
131:. However, many traders still advocate for the open outcry system on the basis that the physical contact allows traders to
205:
1532:
1004:
352:
700:
187:
998:
84:
17:
1481:
1421:
1217:
1123:
420:
373:
183:
645:
1207:
1175:
1079:
1033:
1016:
969:
441:
321:
425:
1527:
992:
986:
666:
358:
108:
44:. There is one podium/desk on the trading floor for each of the exchange's three thousand or so stocks.
135:
as to a buyer/seller's motives or intentions and adjust their positions accordingly. As of 2010, most
107:. Exchanges also value positions marked to these public market prices on a daily basis. In contrast,
1381:
1056:
395:
379:
332:
41:
1335:
1196:
1091:
974:
364:
314:
256:
176:
37:
48:
1223:
408:
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339:
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145:
1361:
1170:
307:
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289:
276:
223:
1496:
1416:
1181:
1165:
1128:
1010:
953:
921:
8:
1426:
1371:
1295:
1155:
1085:
914:
887:
593:
1466:
1441:
1401:
1386:
1305:
1275:
1244:
1202:
946:
856:
846:
269:
264:
249:
219:
116:
483:
1330:
1315:
1067:
550:
514:
1431:
1351:
1147:
1028:
904:
823:
779:
757:
437:
399:
245:
140:
80:
1506:
1501:
1436:
1411:
1346:
1320:
1300:
1259:
1254:
1249:
1234:
1229:
1117:
1051:
1043:
931:
818:
490:
391:
104:
1461:
1456:
1356:
1341:
1102:
1097:
1062:
861:
828:
774:
766:
464:
346:
296:
241:
111:
markets are where bids and offers are negotiated privately between principals.
76:
299:, Italy's stock market, located in Milan, moved to electronic trading in 1994.
1521:
1325:
1310:
1285:
1239:
1191:
894:
851:
838:
789:
554:
260:
128:
1486:
1406:
1376:
1366:
1186:
1160:
909:
899:
882:
813:
808:
784:
543:""Open outcry" is in retreat but futures and options trading-volumes surge"
124:
1491:
1471:
1451:
1446:
1280:
1212:
237:
132:
218:
Since the 1980s, the open outcry systems have been steadily replaced by
1476:
1396:
1073:
936:
368:
255:
As of 2007, few exchanges still have floor trading. One example is the
190: in this section. Unsourced material may be challenged and removed.
1112:
1107:
1022:
941:
149:
726:
722:
TradingPitHistory.com - Trading Pit Hand
Signals Gallery and Archive
252:
replaced physical floor trading in most exchanges around the world.
165:
83:, typically on a trading floor. It involves shouting and the use of
1290:
926:
525:
390:
Since the 1980s, Nymex had a virtual monopoly on 'open market' oil
1134:
306:, Mumbai, embraced electronic trading in 1995 by introducing the
99:
95:
721:
877:
404:
227:
568:
60:
Open outcry "pit" at the
Chicago Board of Trade (CBOT) in 1993
56:
800:
136:
32:
27:
Communication method on the trading floors of stock exchanges
477:
75:
is a method of communication between professionals on a
680:"Frankfurter Börse: Klassischer Parketthandel endet"
484:
https://www.nyse.com/pdfs/Next_Generation_Model.pdf
403:a viable business. The executives introduced CME's
282:
1519:
324:(JSE) adopted electronic trading on 7 June 1996.
263:that encompassed both the auction method and an
310:Online Trading (BOLT) System on 14 March 1995.
742:
703:, Leah McGrath Goodman, 2011, Harper Collins
537:
535:
496:
493:NYSE Next Generation Model fact sheet, 2008
361:(MGEX) moved to electronic trading in 2008.
749:
735:
667:Technology squeezes out real, live traders
355:(IPE) moved to electronic trading in 2005.
619:"Petroleum exchange silences open outcry"
616:
532:
349:(KRX) adopted electronic trading in 1997.
342:(TSX) adopted electronic trading in 1997.
206:Learn how and when to remove this message
431:Chinese Gold and Silver Exchange Society
424:
63:
55:
47:
31:
36:Until 2009, trades on the floor of the
14:
1520:
639:
331:(CSE) adopted electronic trading (The
756:
730:
595:딱딱이 없으면 주식거래 못했던 시절…전자시세판 등장은 '충격'이었다
642:"Grain Exchange to Stop Open Outcry"
429:Hand signalling on the floor of the
292:moved to electronic trading in 1986.
188:adding citations to reliable sources
159:
24:
669:, Adam Shell, USA Today, 2007 7 11
617:Stevenson, Rachel (8 March 2005).
25:
1544:
710:
1005:Electronic communication network
717:New York Times Open Outcry Table
522:floor trading hand signals
353:International Petroleum Exchange
283:Conversion to electronic trading
164:
694:
414:
394:, but the electronically based
175:needs additional citations for
672:
660:
633:
610:
586:
561:
13:
1:
999:Multilateral trading facility
640:Kelsey, Eric (October 2008).
470:
382:, 2011, all trading moved to
236:is the meeting of traders or
1422:Returns-based style analysis
1218:Post-modern portfolio theory
1124:Security characteristic line
421:Hand signaling (open outcry)
374:New York Mercantile Exchange
7:
1176:Efficient-market hypothesis
1080:Capital asset pricing model
1017:Straight-through processing
621:. Independent, The (London)
458:
442:Chicago Mercantile Exchange
322:Johannesburg Stock Exchange
10:
1549:
993:Alternative Trading System
418:
359:Minneapolis Grain Exchange
155:
1268:
1143:
1042:
962:
870:
837:
798:
764:
1057:Arbitrage pricing theory
594:
396:IntercontinentalExchange
380:Frankfurt Stock Exchange
333:Automated Trading System
42:face-to-face interaction
1533:Nonverbal communication
1336:Initial public offering
1197:Modern portfolio theory
1092:Dividend discount model
975:List of stock exchanges
506:The Art of Hand Signals
489:17 October 2012 at the
365:New York Stock Exchange
315:Calcutta Stock Exchange
257:New York Stock Exchange
38:New York Stock Exchange
1224:Random walk hypothesis
433:
409:Chicago Board of Trade
384:Xetra (trading system)
340:Toronto Stock Exchange
329:Colombo Stock Exchange
146:Chicago Board of Trade
69:
68:CBOT "The Pit" in 1908
61:
53:
45:
1362:Market capitalization
1171:Dollar cost averaging
428:
304:Bombay Stock Exchange
290:London Stock Exchange
277:London Metal Exchange
67:
59:
51:
35:
1182:Fundamental analysis
1166:Contrarian investing
1129:Security market line
1034:Liquidity aggregator
1011:Direct market access
922:Quantitative analyst
398:(ICE) began trading
184:improve this article
1427:Reverse stock split
1372:Market manipulation
1296:Dual-listed company
1156:Algorithmic trading
1086:Capital market line
888:Inter-dealer broker
520:on 5 February 2012.
367:, 2006–2007, under
1467:Stock market index
1306:Efficient frontier
1245:Technical analysis
1203:Momentum investing
1025:(private exchange)
915:Proprietary trader
857:Shares outstanding
847:Authorised capital
549:. 5 January 2017.
434:
270:electronic trading
265:electronic trading
250:electronic trading
220:electronic trading
117:electronic trading
94:In an open outcry
70:
62:
54:
46:
40:always involved a
1528:Financial markets
1515:
1514:
1316:Flight-to-quality
1068:Buffett indicator
758:Financial markets
438:futures exchanges
268:its place. While
246:futures exchanges
222:systems (such as
216:
215:
208:
141:futures contracts
16:(Redirected from
1540:
1432:Share repurchase
1144:Trading theories
1029:Crossing network
987:Over-the-counter
824:Restricted stock
780:Secondary market
751:
744:
737:
728:
727:
704:
698:
692:
691:
689:
687:
676:
670:
664:
658:
657:
655:
653:
644:. Archived from
637:
631:
630:
628:
626:
614:
608:
607:
605:
603:
590:
584:
583:
581:
579:
565:
559:
558:
539:
530:
529:
521:
519:
513:. Archived from
512:
500:
494:
481:
211:
204:
200:
197:
191:
168:
160:
109:over-the-counter
81:futures exchange
21:
1548:
1547:
1543:
1542:
1541:
1539:
1538:
1537:
1518:
1517:
1516:
1511:
1502:Voting interest
1412:Public offering
1347:Mandatory offer
1321:Government bond
1301:DuPont analysis
1264:
1260:Value investing
1255:Value averaging
1250:Trend following
1235:Style investing
1230:Sector rotation
1145:
1139:
1118:Net asset value
1044:Stock valuation
1038:
958:
866:
833:
819:Preferred stock
794:
760:
755:
713:
708:
707:
699:
695:
685:
683:
678:
677:
673:
665:
661:
651:
649:
648:on 16 July 2011
638:
634:
624:
622:
615:
611:
601:
599:
596:
592:
591:
587:
577:
575:
567:
566:
562:
541:
540:
533:
523:
517:
510:
502:
501:
497:
491:Wayback Machine
482:
478:
473:
461:
423:
417:
392:futures trading
335:(ATS)) in 1997.
285:
242:stock exchanges
212:
201:
195:
192:
181:
169:
158:
105:price discovery
28:
23:
22:
15:
12:
11:
5:
1546:
1536:
1535:
1530:
1513:
1512:
1510:
1509:
1504:
1499:
1494:
1489:
1484:
1479:
1474:
1469:
1464:
1462:Stock exchange
1459:
1457:Stock dilution
1454:
1449:
1444:
1439:
1434:
1429:
1424:
1419:
1414:
1409:
1404:
1399:
1394:
1389:
1384:
1382:Mean reversion
1379:
1374:
1369:
1364:
1359:
1357:Market anomaly
1354:
1349:
1344:
1339:
1333:
1328:
1323:
1318:
1313:
1308:
1303:
1298:
1293:
1288:
1283:
1278:
1276:Bid–ask spread
1272:
1270:
1266:
1265:
1263:
1262:
1257:
1252:
1247:
1242:
1237:
1232:
1227:
1221:
1215:
1210:
1205:
1200:
1194:
1189:
1184:
1179:
1173:
1168:
1163:
1158:
1152:
1150:
1141:
1140:
1138:
1137:
1132:
1126:
1121:
1115:
1110:
1105:
1103:Earnings yield
1100:
1098:Dividend yield
1095:
1089:
1083:
1077:
1071:
1065:
1060:
1054:
1048:
1046:
1040:
1039:
1037:
1036:
1031:
1026:
1020:
1014:
1008:
1002:
996:
990:
989:(off-exchange)
984:
983:
982:
977:
966:
964:
963:Trading venues
960:
959:
957:
956:
951:
950:
949:
939:
934:
929:
924:
919:
918:
917:
912:
902:
897:
892:
891:
890:
885:
874:
872:
868:
867:
865:
864:
862:Treasury stock
859:
854:
849:
843:
841:
835:
834:
832:
831:
829:Tracking stock
826:
821:
816:
811:
805:
803:
796:
795:
793:
792:
787:
782:
777:
775:Primary market
771:
769:
762:
761:
754:
753:
746:
739:
731:
725:
724:
719:
712:
711:External links
709:
706:
705:
693:
671:
659:
632:
609:
585:
560:
531:
495:
475:
474:
472:
469:
468:
467:
465:Trading jacket
460:
457:
419:Main article:
416:
413:
388:
387:
377:
376:(Nymex), 2006.
371:
362:
356:
350:
347:Korea Exchange
343:
336:
325:
318:
311:
300:
297:Borsa Italiana
293:
284:
281:
214:
213:
172:
170:
163:
157:
154:
129:broker/dealers
77:stock exchange
26:
9:
6:
4:
3:
2:
1545:
1534:
1531:
1529:
1526:
1525:
1523:
1508:
1505:
1503:
1500:
1498:
1495:
1493:
1490:
1488:
1485:
1483:
1480:
1478:
1475:
1473:
1470:
1468:
1465:
1463:
1460:
1458:
1455:
1453:
1450:
1448:
1445:
1443:
1440:
1438:
1437:Short selling
1435:
1433:
1430:
1428:
1425:
1423:
1420:
1418:
1415:
1413:
1410:
1408:
1405:
1403:
1400:
1398:
1395:
1393:
1390:
1388:
1385:
1383:
1380:
1378:
1375:
1373:
1370:
1368:
1365:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1343:
1340:
1337:
1334:
1332:
1329:
1327:
1326:Greenspan put
1324:
1322:
1319:
1317:
1314:
1312:
1311:Financial law
1309:
1307:
1304:
1302:
1299:
1297:
1294:
1292:
1289:
1287:
1286:Cross listing
1284:
1282:
1279:
1277:
1274:
1273:
1271:
1269:Related terms
1267:
1261:
1258:
1256:
1253:
1251:
1248:
1246:
1243:
1241:
1240:Swing trading
1238:
1236:
1233:
1231:
1228:
1225:
1222:
1219:
1216:
1214:
1211:
1209:
1208:Mosaic theory
1206:
1204:
1201:
1198:
1195:
1193:
1192:Market timing
1190:
1188:
1185:
1183:
1180:
1177:
1174:
1172:
1169:
1167:
1164:
1162:
1159:
1157:
1154:
1153:
1151:
1149:
1142:
1136:
1133:
1130:
1127:
1125:
1122:
1119:
1116:
1114:
1111:
1109:
1106:
1104:
1101:
1099:
1096:
1093:
1090:
1087:
1084:
1081:
1078:
1075:
1072:
1069:
1066:
1064:
1061:
1058:
1055:
1053:
1050:
1049:
1047:
1045:
1041:
1035:
1032:
1030:
1027:
1024:
1021:
1018:
1015:
1012:
1009:
1006:
1003:
1000:
997:
994:
991:
988:
985:
981:
980:Trading hours
978:
976:
973:
972:
971:
968:
967:
965:
961:
955:
952:
948:
945:
944:
943:
940:
938:
935:
933:
930:
928:
925:
923:
920:
916:
913:
911:
908:
907:
906:
903:
901:
898:
896:
895:Broker-dealer
893:
889:
886:
884:
881:
880:
879:
876:
875:
873:
869:
863:
860:
858:
855:
853:
852:Issued shares
850:
848:
845:
844:
842:
840:
839:Share capital
836:
830:
827:
825:
822:
820:
817:
815:
812:
810:
807:
806:
804:
802:
797:
791:
790:Fourth market
788:
786:
783:
781:
778:
776:
773:
772:
770:
768:
763:
759:
752:
747:
745:
740:
738:
733:
732:
729:
723:
720:
718:
715:
714:
702:
697:
681:
675:
668:
663:
647:
643:
636:
620:
613:
597:
589:
574:
570:
564:
556:
552:
548:
547:The Economist
544:
538:
536:
527:
516:
509:
507:
499:
492:
488:
485:
480:
476:
466:
463:
462:
456:
453:
449:
445:
443:
439:
432:
427:
422:
412:
410:
406:
401:
400:oil contracts
397:
393:
385:
381:
378:
375:
372:
370:
366:
363:
360:
357:
354:
351:
348:
344:
341:
337:
334:
330:
326:
323:
319:
316:
312:
309:
305:
301:
298:
294:
291:
287:
286:
280:
278:
273:
271:
266:
262:
261:hybrid market
258:
253:
251:
247:
243:
239:
235:
234:Floor trading
231:
229:
225:
221:
210:
207:
199:
189:
185:
179:
178:
173:This section
171:
167:
162:
161:
153:
151:
148:owned by the
147:
142:
138:
134:
130:
126:
125:market makers
120:
118:
112:
110:
106:
101:
97:
92:
90:
86:
82:
78:
74:
66:
58:
50:
43:
39:
34:
30:
19:
18:Floor trading
1487:Tender offer
1407:Public float
1391:
1377:Market trend
1367:Market depth
1187:Growth stock
1161:Buy and hold
1070:(Cap-to-GDP)
910:Floor trader
900:Market maker
883:Floor broker
871:Participants
814:Golden share
809:Common stock
785:Third market
696:
684:. Retrieved
674:
662:
650:. Retrieved
646:the original
635:
623:. Retrieved
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600:. Retrieved
588:
576:. Retrieved
572:
563:
546:
515:the original
505:
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454:
450:
446:
440:such as the
435:
415:Hand signals
389:
274:
254:
238:stockbrokers
233:
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217:
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193:
182:Please help
177:verification
174:
121:
113:
93:
88:
85:hand signals
72:
71:
29:
1492:Uptick rule
1472:Stock split
1452:Squeeze-out
1447:Speculation
1392:Open outcry
1281:Block trade
1213:Pairs trade
652:17 December
625:13 December
598:(in Korean)
524:( 455
73:Open outcry
1522:Categories
1497:Volatility
1477:Stock swap
1397:Order book
1148:strategies
1074:Book value
942:Arbitrager
937:Speculator
701:The Asylum
682:. May 2011
471:References
369:John Thain
196:March 2024
1113:Fed model
1108:EV/EBITDA
1023:Dark pool
954:Regulator
799:Types of
765:Types of
569:"Trading"
555:0013-0613
150:CME Group
133:speculate
119:systems.
1442:Slippage
1402:Position
1387:Momentum
1291:Dividend
970:Exchange
927:Investor
602:14 April
578:7 August
487:Archived
459:See also
1331:Haircut
1135:T-model
947:Scalper
767:markets
573:TSX.com
156:History
96:auction
1352:Margin
1220:(PMPT)
1082:(CAPM)
932:Hedger
905:Trader
878:Broker
801:stocks
686:18 May
553:
405:Globex
228:Globex
137:stocks
1507:Yield
1482:Trade
1417:Rally
1338:(IPO)
1226:(RMH)
1199:(MPT)
1178:(EMH)
1131:(SML)
1120:(NAV)
1094:(DDM)
1088:(CML)
1059:(APT)
1052:Alpha
1019:(STP)
1013:(DMA)
1007:(ECN)
1001:(MTF)
995:(ATS)
518:(PDF)
511:(PDF)
1342:Long
1146:and
1076:(BV)
1063:Beta
688:2022
654:2008
627:2008
604:2020
580:2018
551:ISSN
345:The
338:The
327:The
320:The
313:The
302:The
295:The
288:The
275:The
226:and
224:CATS
139:and
127:and
100:bids
526:KiB
308:BSE
244:or
230:).
186:by
89:pit
79:or
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