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Some of those opposed to using computers said engaging in open outcry trading produced a physical rush not unlike an addiction to drugs.
NYMEX Europe would initially offer open outcry trading of Brent crude oil and gasoil futures.
The exchange has no plan to scrap the open outcry trading system of these products.
50 a ton, the highest since November 2014, before paring gains to $6,620 in official open outcry trading, a gain of 0.
Electronic auction is the standard practice all over the world and India, too, preferred this mode over the outdated open outcry method while auctioning 3G licences, said an official requesting not to be quoted.
The product will be a standardized future, trading both electronically on CME Globex and via open outcry, and will be eligible for privately negotiated transactions.
In agreement with Muscat, the DME has adopted Oman's export grade as a Persian Gulf sour crude oil futures contract in an electronic trading platform, with an open outcry system.
The launch of an open outcry trading pit by the New York Mercantile Exchange (Nymex) in the City of London marks a rapid return for the floor traders, many of whom feared the activity had been lost following the closure of the International Petroleum Exchange's pit in April.
By having our brokers use NYBOT's Order Book Management System (OBMS) on a wireless, handheld device while standing in the pit, our customers can now have their fill information routed back to them at practically the same instant the order is filled via open outcry in one of NYBOT's trading pits.
Currently, the Nikkei 225 futures are traded on the exchange's open outcry platform during Japan's stock market trading hours.
From those early years to 1996, share trades were conducted on a trading floor, based on an open outcry auction system.