Posted on 07/20/2009 11:33:57 AM PDT by shoptalk
NYSE Euronext has launched a major renovation of its stock-trading floor.
Over the next 18 months, the exchange operator plans to demolish much of its Main Room where NYSE-listed securities are traded and build large sit-down trading areas for brokers.
The goal is to encourage brokers with existing floor operations to situate all or some of their upstairs trading operations on the floor, giving them a unified trading environment and, hopefully, generate more volume for the NYSE.
"We are going to create a refreshed look for the floor trading community and create traditional trading desks," Bob Airo, a senior vice president for NYSE market operations, told Traders Magazine. "A floor-based firm could bring its whole upstairs trading desk down to the NYSE floor."
Currently, in the Main Room, broker booths ring the perimeter while specialist posts fill in the center. The booths are old--"decrepit," according to NYSE senior executive Larry Leibowitz - and require traders to stand up while working.
The NYSE plans to demolish many of the old booths and build large open trading areas that will be able to accommodate as many as 40 traders each.
The exchange also plans to upgrade its network, add new wallboards, outfit a booth for a major news organization and build a food court. It will also renovate the specialists' posts by making them more open.
(Excerpt) Read more at tradersmagazine.com ...
The renovations begun when 2 traders were looking for their stash of Angeldust.
These guys do NASTY chemicals in the stairwells. Not all of them, but some. And some expensive stuff too.
Why? Its not like we’re going to use it 18 months from now when stock trading is banned as the evil capitalist old way.
Where are jobs for that?
Is this a “shovel ready” project?
so there will be no photo ops of frantic traders running around like headless chickens and paper flying when the market drops to zero near the end of his first term...
Rearranging the deck chairs?
Being on the outside, it seems to me these guys could be replaced by a pretty simple computer program.
I worked often on the trading floors in the 70’s and 80’s. I also did a lot of work on the “Sky-Frames”. From what I see now on CNBC of the floor, it’s become a ghost town. Most notably absent is the knee-deep paper.
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