I am curious how stock markets worked before the advent of computers. Trading today is so fast, I can’t wrap my head around how it could have worked before computers were involved.
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It was called the [Open Outcry](https://en.wikipedia.org/wiki/Open_outcry) system.
“Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It 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.
In an open outcry auction, bids and offers must be made out in the open market, giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery. Exchanges also value positions marked to these public market prices on a daily basis. In contrast, over-the-counter markets are where bids and offers are negotiated privately between principals.”
You can see how it worked at the end of the movie Trading Places, and be entertained at the same time. There is also a scene at the Chicago Board of Trade in Farris Buellers Day Off.
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