Yahoo Finance's Editor-in-Chief Andy Serwer examines the future of the New York Stock Exchange.
A year ago last week, March 23, 2020 to be exact, as COVID-19 was beginning to ravage America, the New York Stock Exchange closed its trading floor and moved to all electronic trading. It was the first time in 228 years that the floor was closed but markets remained open. (The floor and trading were both shuttered for two days after Hurricane Sandy in October 2012 and four days after 9/11, more on the latter, later.)
The move was said to be temporary and as it turned out the floor was completely shut for the next two months, only to reopen in May at 25% capacity. And that’s more or less where things stood until recently, when, Yahoo Finance has learned, the exchange opened up to 50% capacity, meaning some 160 brokers and traders are working the floor of the biggest stock market in the world, (with listed companies worth some $32 trillion.) Still a small fraction of the thousands who traded there only a few decades ago.
That all-electronic trading at the NYSE went off without a hitch—and during such a wild and crazy 12 months to boot—is both a positive and a negative for the exchange. On the one hand the past year showcased the NYSE’s remarkable technology. Bravo NYSE! On the other hand, it makes us realize once and for all that the guys in the funny jackets—the floor brokers, specialists and traders—were exactly what we thought they were, a colorful anachronism.
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A year ago last week, March 23, 2020 to be exact, as COVID-19 was beginning to ravage America, the New York Stock Exchange closed its trading floor and moved to all electronic trading. It was the first time in 228 years that the floor was closed but markets remained open. (The floor and trading were both shuttered for two days after Hurricane Sandy in October 2012 and four days after 9/11, more on the latter, later.)
The move was said to be temporary and as it turned out the floor was completely shut for the next two months, only to reopen in May at 25% capacity. And that’s more or less where things stood until recently, when, Yahoo Finance has learned, the exchange opened up to 50% capacity, meaning some 160 brokers and traders are working the floor of the biggest stock market in the world, (with listed companies worth some $32 trillion.) Still a small fraction of the thousands who traded there only a few decades ago.
That all-electronic trading at the NYSE went off without a hitch—and during such a wild and crazy 12 months to boot—is both a positive and a negative for the exchange. On the one hand the past year showcased the NYSE’s remarkable technology. Bravo NYSE! On the other hand, it makes us realize once and for all that the guys in the funny jackets—the floor brokers, specialists and traders—were exactly what we thought they were, a colorful anachronism.
For more on this article please visit:
https://finance.yahoo.com/news/the-ne...
Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb
About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
About Yahoo Finance Premium: With a subscription to Yahoo Finance Premium, get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.
To learn more about Yahoo Finance Premium please visit: https://yhoo.it/33jXYBp
Connect with Yahoo Finance:
Get the latest news: https://yhoo.it/2fGu5Bb
Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq
Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP
Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz
Follow Cashay.com
Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV