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Open Outcry trading

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Old 24th March 2013, 12:10 AM
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Default Open Outcry trading

Do we have Open Outcry trading method in india ?


From Wikipedia :

Open Outcry
Operating during regular trading hours (RTH), the open outcry method consists of floor traders standing in a trading pit to call out orders, prices, and quantities of a particular commodity. Different colored jackets are worn by the traders to indicate their function on the floor (traders, runners, CME employees, etc.). In addition, complex hand signals (called Arb) are used. These hand signals were first used in the 1970s. The pits are areas of the floor that are lowered to facilitate communication, sort of like a miniature amphitheater. The pits can be raised and lowered depending on trading volume. To an onlooker, the open outcry system can look chaotic and confusing, but in reality the system is a tried and true method of accurate and efficient trading. An illustrated project to record the hand signal language used in CME's trading pits has been compiled



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Old 24th March 2013, 12:15 AM
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Default Re: Open Outcry trading

Quote:
Originally Posted by megapixel View Post
Do we have Open Outcry trading method in india ?


From Wikipedia :

Open Outcry
Operating during regular trading hours (RTH), the open outcry method consists of floor traders standing in a trading pit to call out orders, prices, and quantities of a particular commodity. Different colored jackets are worn by the traders to indicate their function on the floor (traders, runners, CME employees, etc.). In addition, complex hand signals (called Arb) are used. These hand signals were first used in the 1970s. The pits are areas of the floor that are lowered to facilitate communication, sort of like a miniature amphitheater. The pits can be raised and lowered depending on trading volume. To an onlooker, the open outcry system can look chaotic and confusing, but in reality the system is a tried and true method of accurate and efficient trading. An illustrated project to record the hand signal language used in CME's trading pits has been compiled
We had open outcry system in BSE but now all the financial trading in India is done on computerised platforms.

Some commodities like Turmeric,Chillies etc have open outcry trading in their respective Mandis.

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Old 24th March 2013, 12:59 AM
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Default Re: Open Outcry trading

There is a movie about this subject - Floored

This shows how the Open Outcry system is becoming fast obsolete.


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