Raymond Carbone trades in energy options on the New York Mercantile Exchange (NYMEX). Traders such as Mr. Carbone buy and sell billions of dollars worth of various metals and energy products, including crude oil and electricity. And they do this using the Open Outcry system, where traders shout and use hand signals on a physical trading floor.
Most exchanges in the world have moved to electronic systems, but defendants of the Open Outcry system claim that physical contact allows traders to 'speculate as to a buyer/seller's motives or intentions'. Mr. Carbone says he 'can signal a trade faster than you can type it.'
In this article by Ben Schott in the New York Times, Mr Carbone demonstrates the hand signals he uses on the trading floor. Fascinating.
Most exchanges in the world have moved to electronic systems, but defendants of the Open Outcry system claim that physical contact allows traders to 'speculate as to a buyer/seller's motives or intentions'. Mr. Carbone says he 'can signal a trade faster than you can type it.'
In this article by Ben Schott in the New York Times, Mr Carbone demonstrates the hand signals he uses on the trading floor. Fascinating.
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