Starting the second quarter of 2017, the New York Stock Exchange (NYSE), the largest equities-based exchange in the world based on total market capitalization, is expected to launch expanded floor trading in all U.S. securities for the first time.
Under the anticipated rules, investors will have greater access to trade all US securities, including Nasdaq-listed symbols and all listed exchange traded products, exchange officials said.
The move indicates that he Atlanta-based Intercontinental Exchange, the owner of the New York Stock Exchange, continues its efforts to develop the ‘Big Board’, batting down recent speculation that its acquired bourse was for sale. ICE expected the New York Stock Exchange to be a major contributor to earnings in coming years, although warned it would be prepared to close underperforming divisions.
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Combining typical floor trading with NYSE’s new Pillar, the state-of-the-art trading system, is a radical move for the 216-year-old exchange, which NYSE officials say is designed to revolutionize its 11 Wall Street trading floor and offices, including the Bell podium. The changes will allow investors to trade much more quickly, and potentially more cheaply.
Hi-tech capabilities combined with human judgement
Stacey Cunningham, NYSE COO, commented: “We have a long-standing commitment to providing our issuers and member firms with choice. Our plan to provide even greater access to trade U.S. securities is a positive move toward bolstering fair and transparent liquidity and offering even greater choice.”
“We are committed to our proven market model that combines hi-tech trading capabilities with human judgement at the point of sale on our iconic NYSE trading floor. We believe our model consistently delivers the best trading outcomes and lowest volatility for listed companies and investors, and NYSE listed companies will still receive the exclusive benefit of a NYSE Designated Market Maker,” he added.
Finance Magnates reported yesterday on NYSE after the exchange operator announced that the trading floor of the NYSE MKT exchange, formerly known as the American Stock Exchange (AMEX), will shut down in the second quarter of 2017, the latest step in the inexorable shift toward electronic trading.