Early exchanges, including stock exchanges and futures exchanges, all used manual outcry trading for trading. Because the atmosphere of manual outcry trading is very active and can easily arouse traders' emotions, although it is very convenient to place orders on computers now, many foreign exchanges still adopt this simple trading form.

The people bidding in the market (trading pool) are traders. They accept trading instructions from customers (investors) or place orders themselves, but investors cannot enter the market directly. Therefore, off-site investors can only communicate with on-site traders by phone or order form. Larger customers have live phone calls to contact their traders, while ordinary customers only have handwritten order orders.

Those who transmit order orders inside and outside the exchange are called "order runners". They pass the order orders from over-the-counter customers to traders, and after the transaction is completed, they transmit the reply order recording the transaction results back to the off-site customer. in hand. Therefore, foreign futures markets appear chaotic. The pieces of paper in the hands of traders on the floor are the order orders coming in from the outside and the records of orders received by phone. When a trading order is executed (or the order is cancelled), the order in hand is useless, so it is thrown away because It is impossible to hold a large number of orders in your hands.

When traders are excited about their trading results (such as making a lot of profits), they often express their mood by throwing notes, just like people throwing hats in the air when cheering, and this is also allowed.

With such a commotion, the market becomes even more chaotic, but the atmosphere is very active