“open outcry” on a stock exchange trading floor.
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Imagine an auction at a fancy auction house like you see in movies. A single seller calls out what’s for sale and people use hand gestures to offer a bid all against each other. It gets fast and chaotic and almost theatrical with all the shouting and hand signaling, but it works.
Now imagine everyone in the is a buyer AND a seller and a million auctions are going on at once. Through a mixture of hand signals, shouting, and gestures people communicate extremely quickly what they are buying, selling, pricing, new pricing, more buying, less selling, new pricing. All at the same time, it’s chaos, but organized chaos. That’s open outcry.
As you can imagine, with the advent of computing it’s becoming less and less of a real thing more financial theater.
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