Meaning of “open outcry pit” in the English Dictionary

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"open outcry pit" in Business English

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open outcry pitnoun [ C ]

uk us 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” from the Cambridge Business English Dictionary © Cambridge University Press)