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Open outcry
 

 

The system of trading in commodities, securities, or currencies by traders meeting together and calling out the trades they are offering. Open outcry is a system for trying to ensure that full information is available on an equal basis to all participants in the market. A similar function is performed in many modem markets by having offers and trades continually reported on screen in a computer network.

Reference: Oxford Press Dictonary of Economics, 5th edt.