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Quantitative Finance · Glossary

What is Open outcry, floor trader?

Also known as: open outcry · floor trader

Definition 2.5 The Industry: Firms, Roles and Careers · Chapter 2 — Proprietary Market Makers and High-Frequency Firms

Open outcry is trading on an exchange floor or in a pit, where members make bids and offers by voice and hand signals and trade face to face. A floor trader is an exchange member who traded there in person, for its own account (a “local”) or for others; the US industry classification still lists “securities floor traders” and “commodity contracts floor traders” as principals dealing with investors.

Where the largest US derivatives exchange group’s contracts traded, 2024 and 2025: 24.5 and 26.2 million contracts a day on its electronic platform, 1.0 and 0.9 million by open outcry (options on SOFR futures only), 1.0 million privately negotiated. Data: CME Group Form 10-K for 2025, through in_profiles.cme.
Figure 2.1. Where the largest US derivatives exchange group’s contracts traded, 2024 and 2025: 24.5 and 26.2 million contracts a day on its electronic platform, 1.0 and 0.9 million by open outcry (options on SOFR futures only), 1.0 million privately negotiated. Data: CME Group Form 10-K for 2025, through in_profiles.cme.
Founding years that four proprietary trading firms give on their own pages. The period is the one in which equity and futures exchanges moved from floors to screens. Each date is the firm’s own; firms that state none are left out. Sources: the firms’ pages (ledger F2, F5, F7, F9).
Figure 2.2. Founding years that four proprietary trading firms give on their own pages. The period is the one in which equity and futures exchanges moved from floors to screens. Each date is the firm’s own; firms that state none are left out. Sources: the firms’ pages (ledger F2, F5, F7, F9).
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