Open outcry

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Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange which involves shouting and the use of hand signals to transfer information primarily about buy and sell orders.

An example of a market which uses this system is the New York Mercantile Exchange, which is primarily a futures exchange market (another would be the Chicago Board of Trade). The open outcry system is being replaced by electronic exchanges (e.g. CATS), the supporters of which claim that they are faster, cheaper and more efficient for users, and less prone to manipulation by stock specialists and broker/dealers.