pit

pit (trading pit) An area of a stock market, financial futures and options exchange, or commodity 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 increasingly replaced by that of screen trading (see International Petroleum Exchange; London International Financial Futures and Options Exchange). See also callover; floor.