November 2, 2006
Two stories on the NYSE provide an odd juxtaposition. First, the NYSE is closing one of its trade floors. the NYSE has five trading rooms and will close one to consolidate to four -- the Main Room, the Garage, the Blue Room and the Extended Blue Room. The "New Room" will close. The closure is a direct reflection of the new volume lost to the physical trading floor as the result of a gradual increase in computerized trading. As more stocks are added to the new "hybrid" system, the activity on the floor will continue to drop. Eventually, I see the floor closing except for a nominal presence. The second story deals with the fortress like security measures taken by the NYSE outside its building. Other tenants in local buildings are complaining. The two stories together remind me of the fragile fortresses built by the Frank crusaders in Palestine, as they built elaborate castles in a futile attempt to maintain week forces against superior a Turkish enemy.
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