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pit


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An area of a market or exchange in which a particular stock, financial future, or commodity is traded, especially one in which dealings take place by open outcry. Authorized dealers in these markets are called pit traders. In recent years the practice of pit trading has been largely replaced by that of automated screen trading (see International Petroleum Exchange; London International Financial Futures and Options Exchange). See also callover; floor.

Subjects: Financial Institutions and Services.


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