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Friday, July 03, 2009
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Friday, July 03, 2009
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Thursday, July 02, 2009
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Thursday, July 02, 2009
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Thursday, July 02, 2009
--- Completes offering of $570 million of senior notes due 2016 --- Completes offering of $100 million of convertible senior subordinated notes due 2014 --- Enters into replacement revolving senior secured credit facility --- Purchases approximately $467.5 million of existing notes
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FOX Translator
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
