<P> As of 2007, a few exchanges still had floor trading using open outcry . The supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and less prone to manipulation by market makers and broker / dealers . However, many traders still advocate for the open outcry system on the basis that the physical contact allows traders to speculate as to a buyer / seller's motives or intentions and adjust their positions accordingly . As of 2010, most stocks and futures contracts were no longer traded using open outcry due to the lower cost of the aforementioned technological advances . </P> <P> Since the 1980s, the open outcry systems have been being replaced by electronic trading systems (such as CATS and Globex). </P> <P> Floor trading is the meeting of traders or stockbrokers at a specific venue referred to as a trading floor or pit to buy and sell financial instruments using open outcry method to communicate with each other . These venues are typically stock exchanges or futures exchanges and transactions are executed by members of such an exchange using specific language or hand signals . During the 1980s and 1990s, phone and electronic trading replaced physical floor trading in most exchanges around the world., </P> <P> As of 2007, few exchanges still have floor trading . One example is the New York Stock Exchange (NYSE) which still executes a small percentage of its trades on the floor . That means that the traders actually form a group around the post on the floor of the market for the specialist, someone that works for one of the NYSE member firms and handles the stock . As in an auction, there are shouts from those that want to sell and those that want to buy . The specialist facilitates in the match and centralizing the trades . </P>

Who works on the floor of the stock exchange