Definition of 'Open Outcry'
A vanishing method of communicating on a stock, commodity or futures exchange that involves verbal bids and offers as well as hand signals to convey trading information in the trading pits. Trading pits are the parts of trading floors where trading takes place. A contract is made when one trader cries out that they want to sell at a certain price and another trader responds that they will buy at that same price. Most exchanges now use electronic trading systems, and the open outcry exchanges have gradually been replaced by electronic trading, which reduces the costs and improves trade execution speed.
Also called pit trading.
Investopedia explains 'Open Outcry'
The length of the trading day differs between open outcry exchanges and those that use electronic trading such as Globex. Regular market hours typically run from 8:30 a.m. to 4:15 p.m. eastern standard time. Open outcry sessions for some commodities such as corn futures and options (CBOT) run from 9:30 a.m. to 1:15 p.m. Globex was the first global electronic trading system for futures and options, developed by the Chicago Mercantile Exchange and introduced in 1992. Electronic trading on Globex is available nearly 24 hours a day, from Sunday evening through late Friday afternoon, with a short break each day between close and reopening. This break varies from 30 to 60 minutes depending on the trading product.