Definitions for "open outcry"
Keywords:  outcry, shouts, pit, verbal, bid
Method of public auction in which verbal bids and offers are made in the trading...
Trading by means of a two-way auction market, shouting bids and offers across a trading ring. This traditional method of trading is increasingly being replaced by electronic trading.
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.