A marketplace in which trading takes place at certain points in time (discrete time intervals), i.e., when the market is called. For example, call markets are usually called once or twice during the trading day. Buy and sell orders are batched at discrete points during the day and are matched or executed simultaneously at the same price and according to specific rules during each call session. Trading in a call market can usually take place either by written auction or by verbal auction. Verbal auctions are usually costlier than written auctions, but are more attractive for floor traders who can adjust their orders in reaction to changing market conditions.

Call markets are mostly agency markets (not dealer markets).