Open outcry

[Lanell]

[Trading] done by human to human interaction using a combination of hand signals and verbal orders. Often associated with the NYMEX, [CME] Group, and [CBOT]. Formally the only way commodities were traded prior to electronic [trading].
Becoming less and less popular, many believe that open-outcry trading will become extinct in the next few years.

[Sarah]

a method of trading on a financial market in which people shout out their bids and offers, rather than trading using the phone or online: