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English definition of “open outcry pit”

open outcry pit

noun [C]     STOCK MARKET, FINANCE
the area of floor in a financial market where people shout out their bids and offers , rather than trading over the telephone or online : The majority of trade is done through open outcry pits with dealers shouting orders across the floor .
(Definition of open outcry pit noun from the Cambridge Business English Dictionary © Cambridge University Press)
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