The New York Stock Exchange is to shutter one of its five trading floors in a move that symbolises the rise in prominence of automated dealing technologies in the 21st century marketplace.The 200-year old exchange, which is working towards the introduction of a hybrid screen and floor-based trading operation, says technology-driven productivity gains will enable it to consolidate trading operations from five rooms to four over the next 18 months.
The plan calls for Bear Wagner Specialists and approximately 33 floor brokerage firms to relocate from the leased 30 Broad facility to the Nyse's other trading rooms.
Nelson Chai, CFO and executive president, at Nyse says the floor closure has been aided by operational improvements at specialist firms and floor brokers. "They are able to handle increasing order volume with greater speed and efficiency, thanks largely to improvements in technology and automation."
The 30 Broad trading facility was opened in November 2000. Currently, 503 stocks trade in its 10,000 sq. ft. space. The Nyse's four remaining trading rooms account for more than 36,000 sq. ft.
Twitter
Daily newsletter