i haven't even once seen any Chinese article or newspaper translate it right. they always translate it as <當地人>. hahaha, please give me a break, you translators and editors!
i'd translate it as <場內個體戶>.
a local is a licensed individual who trades in a futures exchange like Chicago Mercantile Exchange. they trade commodity futures contracts, eg, gold, petroleum, and corn, or financial futures contracts, eg, stock indexes and currencies.
they wear colorful jackets, trading along with traders who are employees of trading firms, in a designated ring on the trading floor of the Exchange.
they use "open outcry" system, shouting out the price and the quantity of the contracts they want to buy or sell, along with hand signs.
who's in a better position than me to tell you all this?
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