The New York Stock Exchange announced plans this morning to close one of its trading rooms, the New Room, a trading floor with about 10,000 square feet of space, which will reduce the floor trading space by 20%. The move is intended to cut costs as more trading is being conducted via computers.
From WSJ.com:
"The decision by NYSE Chief Executive John A. Thain, comes as the exchange removes restrictions on electronic trading on its floor and as more business migrates to electronic systems like NYSE's Arca platform and Nasdaq Stock Market Inc., an electronic exchange that has been stealing market share from the NYSE recently."
"The stock-trading business has been under pressure in recent years to remove the human middlemen with computer servers that match buyers and sellers for less money and at a much quicker clip."
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment