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, according to a Reuters report.
The closure will leave products listed at the exchange available only for electronic trading. The move may come after the share of turnover executed on the floor dwindled down to a slight portion of the company’s overall volumes. However, the open-outcry trading style on the New York Stock Exchange, NYSE Amex Options and NYSE Arca Options will not be affected.
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Exchange operator NYSE, which is owned by the Atlanta-based Intercontinental Exchange Inc, announced that the open trading floor will be replaced by a new trading technology platform, known as Pillar, that will also connect all of its equities and options markets, including the NYSE, NYSE MKT, NYSE Arca Equities, NYSE Arca Options, and NYSE Amex Options.
NYSE MKT, known as the New York Curb Exchange until the 1950s, is an American stock exchange situated in New York City. In 2008, it was acquired by NYSE Euronext for $260 million in stock; and then was integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S.
In May 2012, NYSE Amex Equities changed its name to NYSE MKT LLC. Today, almost all trading on the exchange is in small-cap stocks, exchange-traded funds and derivatives.