What Is Open Outcry?

The open outcry is also known as Double Auction, which means that buyers and sellers make quotations at the same time, which is mainly used in futures trading. Open-outcry is an important means of modern financial transactions. It is convenient and transparent. With the continuous development of economic globalization, it will be widely used in financial transactions.

Open outcry

Open outcry

In 2005,

After the full implementation of the electronic system on April 7, 2005, the noisy trading scene of the London International Petroleum Exchange, the 25-year history of the noisy trading of the International Petroleum Exchange (IPE) has passed. The move is said to be designed to better meet customer needs and increase efficiency. Many traders are unhappy with this change. These traders wore colorful outerwear at work, openly bargained, and used gestures. They will be transferred to a rival exchange based in Dublin, which is managed by the New York Mercantile Exchange (Nymex). The New York Mercantile Exchange said that if there are enough requirements, they will work hard to bring open outcry trading methods back to London. The New York Mercantile Exchange is awaiting approval from financial services regulators, which is said to take up to six months. Despite all the noisy image of London's international oil trade, supporters say the exchange's approach to trading is very effective and also point out that the volume of transactions there is growing every year. The International Petroleum Exchange and its owner, the Intercontinental Exchange (ICE), did not comment on this because they are planning to sell their shares and are in a "quiet period" for what they do. When Intercontinental Exchange acquired control of the International Petroleum Exchange, one of the conditions was to make the exchange fully electronic. But for some people, the cancellation of the International Petroleum Exchange's open trading once again shows that the London financial market is gradually losing its personality, and the space for small role activities has been squeezed by large companies. But for others, the end of an era is simply the inevitable result of progress, and eventually the market will become more advanced and complex.