Open Outcry (Securities) Law and Legal Definition
Open Outcry is a method of communication between professionals on a trading floor of a stock exchange or futures exchange which involves shouting and the use of hand signals to transfer information primarily about buy and sell orders. The part of the trading floor where this takes place is called a pit. Examples of markets which use this system in the United States are the New York Mercantile Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. The open outcry system is being replaced by electronic trading systems such as CATS and Globex.