A meeting of commodity brokers and dealers at fixed times during the day in order to form a market in that commodity. The callover has traditionally been used for trading in futures, in fixed quantities on a standard contract, payments usually being settled by differences through a clearing house. Because traders usually formed a ring around the person calling out the prices, this form of market is often called ring trading. It has been largely superseded by automated screen trading systems. See also open outcry; pit.
Subjects: Financial Institutions and Services.