Floor trader

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Also see: open outcry

A floor trader is an individual who is a member of an exchange and who purchases or sells any commodity futures or options contracts on any contract market for such individual's own account from the exchange trading floor. The trading floor of an exchange provides a physical location for market transactions. Floor traders once dominated the exchanges, but with the advent of computerized trading they are becoming increasingly scarce, replaced by automated trading systems that match buyers and sellers without the need for intermediaries.