NYSE To Close Two More Rooms… Electronic Trading is Taking Over
September 14th, 2007 by 
admin
The reports tonight that the NYSE is going to close two of the remaining four more rooms by November 1st. The Blue Room and the Extended Blue Room (or EBR on the Floor) are closing leaving just the Main Room and the Garage. The NYSE has already closed the New Room.
"The moves reflect the pressure on the NYSE's stock-trading business following the industry's shift to electronic trading and the emergence of competitors touting advantages like faster execution or greater anonymity."
I was on the Floor last month, and was shocked on how empty it was. The normal buzz on the Floor was non-existant, and there was a ton of empty space. The downsizing by the Specialist firms, $2 Brokers, and member firms is obvious. The guys I know down there say the Floor is down 60% of the people. I think they were low on their estimate.
Why trade on the Floor when the NYSE themselves gives a rebate of 25 cents per 100 shares of posted liquidity that trades on the NYSE ARCA platform?
Posted in Financial Services | 