The floor traders who trade primarily for their own accounts. Although "locals" are speculators, they provide the liquidity needed by hedgers to transfer the risk of price change.
These are the people who are indigenous to whatever area you are caving in. Locals in rual West Virginia and Pennsylvania look upon caving with mild interest, everyone seems to know where at least one cave is. Their tolerance of cavers ranges from down home hospitality to a very rare but polite "beat it."
Stamps valid within a limited area or within a limited postal system. Local post mail requires the addition of nationally or internationally valid stamps for further service. Locals have been produced both privately and officially.