A specific area of the
trading floor that is designated for the buying and selling of a particular type of security through the
open outcry system. In the pit, brokers match customers' buy and sell orders through shouting and hand signaling. Orders that are not executed in the pit are executed through electronic trading.
Read more: Pit Definition | Investopedia
https://www.investopedia.com/terms/p/pit.asp
See also:
https://www.investordictionary.com/definition/trading-pit
https://www.danielstrading.com/education/futures-options-101/trading-pit
