November 15, 2007
NYSE: Traditional Specialists On the Ropes
Two of the seven NYSE specialist operations are quitting, signaling an eventual end to the dominate position of floor trading in NYSE listed stocks. Electronic trading is steaming ahead, dominating trading in listed stocks. Specialists operations will survive, in electronic form; floor trading will not. The new head of the NYSE is an electronic trading advocate. He once said something to the effect of "I do not want my trades executed by several folks all named "Vinnie" on the floor." It took a long time for this to happen -- too long. [I wrote an article in 1991 suggesting that specialists should innovate and was savaged by NYSE flunkies for it.] Vested interests delayed the move, all the the detriment of the US trading markets, which were slow to embrace electronic trading and lost their competitive edge, and US traders, who paid higher trading costs.
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Posted by: John | Dec 6, 2007 1:36:28 AM