Open Outcry Sample Clauses
The Open Outcry clause defines the method by which bids and offers are communicated verbally and visually in a trading environment, typically on an exchange floor. Under this system, traders shout and use hand signals to convey their intentions to buy or sell specific quantities of commodities or securities, ensuring that all participants can hear and see the offers in real time. This clause ensures transparency and fairness in the trading process by making all bids and offers publicly accessible, thereby reducing the risk of disputes and promoting efficient price discovery.
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Open Outcry. (i) Historically, during ring and kerb sessions, the majority of customer business reflects prices traded in the open outcry sessions. Customers can follow the market activity by monitoring quoted and traded prices disseminated via the LME market data system (MDS), or by listening to the simultaneous floor commentary provided by member(s). The MDS publishes prices traded during ring and kerb times on price vendor information services such as Reuters.
(ii) Members can continue to ‘make a market’ when requested by a customer during the ring and kerb sessions, although this is entirely at the member’s discretion. Alternatively, the customer can decide whether to place an order using the ‘order styles’ mentioned below.
Open Outcry. Until [FIVE YEARS FROM CLOSING DATE], NYMEX will not eliminate, suspend or restrict open-outcry trading of any COMEX Core Product (regardless of size) or any COMEX Division Replacement Contract. After [FIVE YEARS FROM CLOSING], the Board may eliminate, suspend or restrict open-outcry trading of any COMEX Core Product or any COMEX Division Replacement Contract in its sole discretion.
(1) For as long as open outcry exists on the COMEX Division, the COMEX Division Members shall have the exclusive right to trade COMEX Core Products (regardless of size), and any COMEX Division Replacement Contracts, on the floor via open outcry. This right includes the trading of futures and options on COMEX Core Products and COMEX Division Replacement Contracts and the ability to post EFPs for such contracts on the floor of the Exchange; provided, however, that nothing in this Section shall affect the rights of COMEX Option Members to trade pursuant to the Rules.