{"id":223000,"date":"2025-05-01T10:17:28","date_gmt":"2025-05-01T14:17:28","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=223000"},"modified":"2025-05-05T14:06:39","modified_gmt":"2025-05-05T18:06:39","slug":"why-are-traders-still-shouting-in-2025","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/why-are-traders-still-shouting-in-2025\/","title":{"rendered":"Why Are Traders Still\u00a0Shouting\u00a0in 2025?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Even in the age of algorithms and lightning-fast electronic trades, some deals are still made the old-fashioned way \u2014 by shouting across the pit. Join us live from the floor as we uncover why open outcry trading isn\u2019t just surviving\u2026it\u2019s thriving.<\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/04\/pod-20250416-prosper_final_disclosures_mixdown.mp3\"><\/audio><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-253\">Summary \u2013 IBKR Podcasts Ep. 253<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hi everyone. This is Jeff Praissman with the <em>Interactive Brokers Podcast<\/em>, and it&#8217;s my pleasure to welcome today Scott Bauer from Prosper Trading Academy. Hey Scott, how are you?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Jeff, I am great, and thank you so much for having me. It&#8217;s great to be down here, live on the floor.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-0\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">My pleasure. And for our listeners, Scott is a former market maker on the SIBO options pit. Before turning on\u2014Scott is a former market maker on the SIBO options pit before turning to becoming a trading educator and CEO of Prosper Trading Academy. Scott, can you tell us what we&#8217;re seeing in the background there?&nbsp;<br>It looks like you&#8217;re broadcasting live from SIBO&#8217;s new open outcry pit for SPX options. What&#8217;s behind that initiative?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-0\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes. So this is the S&amp;P 500 options pit. I&#8217;ll move outta the way\u2014here it is. Live, open outcry, just like we used to do it, Jeff. And you did it too. And you know what? It is robust. There is a ton of volume, ton of liquidity. And this is what people want to see\u2014open outcry. And what it really does is it allows for orders to really go through price discovery.&nbsp;<br>So rather than just trading electronically\u2014where a retail trader may just sell on a bid, buy on an offer, maybe you&#8217;re in between a market\u2014here, it is literally an auction market. It is literally an open outcry market. And that is the best way to get real price discovery.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-1\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And Scott, I was a former trader on the Philadelphia Stock Exchange, or Philly as it&#8217;s known. It&#8217;s really refreshing to see a bustling, open outcry pit\u2014because, as we both know, electronic trading has been really the trend for the past few decades. So why did the SIBO seemingly kind of take a regressive step almost for this open outcry? Or is there something exceptional about this S&amp;P 500 pit?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-1\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well, it certainly complimented what is going on in the electronic world that everybody transformed to over the last 15, 20 years or so. And again, the markets have gotten so large\u2014and I&#8217;m not just talking about the size of the dollar value of the S&amp;P or the Dow or the Nasdaq\u2014but the markets have gotten so large in terms of trade and interconnectivity among markets throughout the world, that having an open outcry pit like this\u2014where especially big institutional orders can come in, and they may want to move five, ten thousand contracts at a time\u2014they are going to get the best available pricing that there is.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-2\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Scott, are there other pits at the SIBO or is it just SPX?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-2\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It is not just SPX. So\u2014can\u2019t see it right here\u2014but just to about my 11 o\u2019clock over here is the VIX pit, and that is the volatility index. Everybody&#8217;s looking at that. You see it on TV everywhere\u2014where, you know, retail investors might look at that as the VIX being the fear index\u2014well, there is a real VIX options pit that trades over here. There&#8217;s also the Russell pit which trades here.&nbsp;<br>SPX and VIX\u2014really they&#8217;re the two flagships here at the SIBO. But you know what? Trading is robust. It is live.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-3\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And especially VIX\u2014if people haven&#8217;t heard of it before the last couple weeks with the tariff talk, they&#8217;ve certainly heard of the VIX now.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-3\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No doubt about that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-4\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Could you see other open outcry pits making a comeback\u2014besides Russell, SPX, and VIX? Or are they really kind of more uniquely suited just for this kind of hybrid model where you have open outcry, while the electronic trading may be more efficient for the majority?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-4\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I would never say never. I think it&#8217;ll be difficult for individual equities to come back.&nbsp;<br>When we traded\u2014when you traded on the Philly and I traded here on the SIBO\u2014before my time actually trading in this pit, I traded in individual equity pits. Amazon, Coca-Cola, Bank of America, stocks like that. IBM.&nbsp;<br>I don&#8217;t think that&#8217;s going to come back to open outcry, but if there are other big indices, I can absolutely see some open outcry with that because, again, at the end of the day, people in the marketplace\u2014they want to find price discovery. They want to know that they are getting the best possible pricing out there\u2014not necessarily having to sell on a bid, buy on an offer. So if the volume is there and the liquidity is there, I could absolutely see this expanding.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-5\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And I&#8217;m looking behind you and I&#8217;m thinking about my days in the \u201990s, and I kinda want to ask you how this compares to those pits of the \u201990s. I mean, it looks so, so much more organized\u2014and quite honestly, cleaner than what I remember from my days on the\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-5\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh yes. Oh yeah. Back in the day, Jeff\u2014and I was right there with you\u2014it was paper all over the place, right? There was really no regard for your surroundings.&nbsp;<br>And as this pit\u2014as this new SIBO\u2014was built back up, it was built with technology in mind. So when I traded in the S&amp;P 500 pit back on the old floor, we didn&#8217;t have these nice stanchions, these nice stations that everybody has now where you can put your laptop or put your handheld device.&nbsp;<br>Because for a long time, we didn&#8217;t even have handheld devices.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-6\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-6\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">We traded with paper charts. Well, we traded with paper.&nbsp;<br>But this is really all about efficiency so that the market makers\u2014the locals here\u2014can be more comfortable. Because as things get really rocking at times, right? You want to make sure that the people that are involved here have every tool at their dispense to make the right decisions.&nbsp;<br>And quite frankly, to just get the best prices out to the public.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-7\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And our listeners love trading stories. So are there any kind of stories you&#8217;d like to share\u2014or can share\u2014from\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-7\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh well, there&#8217;s a bunch. I mean, back in the day, we were not allowed to bring food or beverages down to the floor. That was a no-no.&nbsp;<br>And there would be market officials that, if they caught you with something, you would get a fine. And they were pretty heavy fines. Well, I was always of the mindset that I had a way\u2014maybe running off the floor to grab a sandwich or grab a coffee or something\u2014versus trying to sneak it in, stay in the pit, and not miss the next order.&nbsp;<br>You never knew when that next order was gonna make or break your day, your week, whatever it was.&nbsp;<br>So, I was definitely known to accumulate many thousands of dollars of fines over my lifespan on the floor. But you know what? In hindsight, I look back and say, \u201cBoy, what a great investment,\u201d because I did not want to miss that trade.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One other big one\u2014and this was back towards the late \u201990s\u2014when the Nasdaq really started coming alive and some of the dot-com stocks started coming alive.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-8\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And most traders, at least on the SIBO floor, did not wanna make that transition from trading a Coca-Cola and IBM\u2014something that, volatility was very well known\u2014into trading some of these higher volatile stocks.&nbsp;<br>So when Amazon.com options were listed back in the late \u201990s, there was a call from market officials on the floor for a market maker to go over and trade in Amazon.com options. And I literally\u2014out of the hundreds and hundreds of active SIBO floor traders at the time\u2014I was literally the only one that went over.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And so for a period of about three months or so, I was literally the only market maker in the world trading Amazon.com options.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-8\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s amazing, considering how many\u2014Amazon&#8217;s consistently one of the top 10 volume options, month after month, week after week, year after year.&nbsp;<br>So that&#8217;s actually incredible to think that there was a time where traders and market makers would shy away from it, right?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-9\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly. And not embrace that volatility. And again, it was all a mindset of\u2014you\u2019re used to something trading in a very defined range, like some of these older stocks that, you know, traded kind of repeatedly.&nbsp;<br>And this was just a new&#8230; a new initiative\u2014really the new world of volatility\u2014and it really didn\u2019t trade any differently except for higher levels, wider levels.&nbsp;<br>And I\u2019m just\u2014I&#8217;m really fortunate that I was around that day when the call came out and I was the one that stepped up to do that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-9\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well, yeah, it was a good thing you weren\u2019t getting food at that time, right?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-10\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly right. Exactly right.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-10\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You had mentioned something when you were describing the pit\u2014you mentioned the term <em>local<\/em>. And some of our listeners may not exactly know what that term means as it regards trading.&nbsp;<br>So could you kind of explain what a local is versus sort of like an institutional trader? And, sort of, how would you say this new SPX pit and this new VIX pit&#8230;&nbsp;<br>What\u2019s kind of the breakdown between, like, local and\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-11\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Sure, I\u2019ll step aside here for a moment.&nbsp;<br>So if you can see the landscape of the pit here, you see all these traders congregated together\u2014the ones that are down below, kind of in the middle looking out\u2014those are people that are either locals or what are known as individual market makers.&nbsp;<br>Though there\u2019s not many of those people left. There\u2019s not many individuals trading their own account\u2014at least in the S&amp;P or even in the VIX anymore\u2014just because the size of the markets have gotten so large.&nbsp;<br>So very few locals. Most trade for big banks or institutional companies that are out there now, looking out.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So these are the traders\u2014the market makers\u2014looking out. They\u2019re looking at the brokers, who are standing typically on the outside of the pit. They\u2019re the ones that have the orders. They\u2019re presenting them to the market makers.&nbsp;<br>And any of the market makers or locals here, you can trade with anybody else, you can trade with any broker.&nbsp;<br>But it\u2019s kind of difficult for someone standing right over here maybe to trade 50 yards away. You can\u2014there are still hand signals\u2014it gets really loud. Just like in the olden days, hand signals are still used.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But I would say the breakdown is primarily: you have your brokers on the outside, probably 90-plus percent traders that are working for institutions or banks.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-11\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And 2024 was a record year for option volumes. What\u2019s driving the growth?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-12\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well, everybody wants in, right?&nbsp;<br>Options are a fantastic way to take a position, to hedge, to leverage other positions elsewhere. And the advent\u2014the growth\u2014of Zero DTEs, which is in the news quite a lot&#8230;&nbsp;<br>These new Zero DTE options\u2014which basically expire same day or next day\u2014that now accounts for over 50% of the total option volume here in the SPX.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So I\u2019m not sure anybody\u2014even the people here at SIBO when they launched these Zero DTEs (which stands for Zero Days to Expiration)\u2014they thought that it would be that popular. But it obviously has been.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And so, you know, the SIBO has always been on the forefront of bringing new products based on what do people want? What do institutions want?&nbsp;<br>And this one really took off. And I really don\u2019t see option volume receding whatsoever\u2014again, because of the depth of markets, liquidity, and just the ease of being able to use something like SPX options or VIX options, whatever it might be, as a hedge against other portfolios worldwide.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-12\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, I mean, Zero DTEs are\u2014it\u2019s really incredible how much volume they consist of. I mean, 50% is amazing.&nbsp;<br>Do you anticipate any other innovations for options for maybe this year, or even over the next, say, 2, 3, 4 years?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-13\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well, I think the big one\u2014and maybe someone in your company might have a say in this\u2014I think the big one people are looking for is 24\/7 trading or 24\/5 trading.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s something that, as a market maker going way back, I always wanted. Maybe not necessarily 24\u2014but boy, when the market closed at 3:00 PM Central Time, 4:00 PM Eastern Time, and you were trading a stock that had an earnings report coming out\u2014you wanted the opportunity to still be able to trade that move.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And sure, you could trade a stock in after-hours, but it\u2019s typically not as liquid. You see bigger moves.&nbsp;<br>So I was always a big advocate for extended trading hours\u2014again, not necessarily round the clock (though that probably wouldn\u2019t go well with my sleep habits if that was the case), but I do think that\u2019s something we will see much sooner rather than later.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-13\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, \u2019cause I mean\u2014even just, you mentioned the equity market\u2014and we at Interactive Brokers, we currently offer overnight trading, which kicks in 8:00 PM Eastern Time until like 3:50 AM Eastern Time. So it\u2019s after the extended hours from the exchange. So, like, the equities have already kind of gone there.&nbsp;<br>So I could see that being a logical kind of next\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer\"><strong>Scott Bauer<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly. Exactly.&nbsp;<br>And you know what? There is a big ask for it from the trading community\u2014not just from retail traders, who are not really going to drive those decisions\u2014but I think from the big institutions that are out there as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-14\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh, Scott, this was great. Are there any other final thoughts you\u2019d like to leave our listeners with?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-14\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I want people that really have never seen something like this\u2014except maybe in a movie like <em>Trading Places<\/em> that we all probably have seen and really enjoy\u2014I want people to really understand that what goes on here is so essential to our financial system.&nbsp;<br>And that it is safe.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes people will look at the live markets and say, \u201cOh, those market makers down there, they\u2019re doing this, they\u2019re doing that.\u201d&nbsp;<br>No. These are people\u2014upstanding people\u2014that have to abide by very strict regulations.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And what goes on here is really of the utmost truth and honesty. And I can\u2019t imagine a world without it.&nbsp;<br>I mean, at some point, maybe there will be. The big transition that we made from open outcry to electronic\u2014everybody thought that this was gone.&nbsp;<br>This is thriving. People should know that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-15\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No, Scott, this was great. And for everyone, this is Scott Bauer, CEO of Prosper Trading Academy. He has a lot of great contributions to our website and our educational area\u2014webinars, other podcasts. You can Google his site, Prosper Trading Academy.&nbsp;<br>And it\u2019s our pleasure to have you on our podcast studio, Scott, and we\u2019re looking forward to next time you stop by.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scott-bauer-nbsp-15\"><strong>Scott Bauer<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks so much, Jeff. Really appreciate the opportunity.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-16\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ah, great. Thank you.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even in the age of algorithms and lightning-fast electronic trades, some deals are still made the old-fashioned way \u2014 by shouting across the pit. 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