- Oct
- 31
- 2006
- 4:37 PM
Trading-floor consolidation
- By: Ray Pellecchia
- File Under: NYSE
New release just out:
Excerpt:
Technology-driven productivity gains in recent years will enable the New York Stock Exchange LLC, a wholly owned subsidiary of NYSE Group, Inc. (NYSE: NYX), to consolidate trading operations from five rooms to four over the next 18 months, the Exchange announced today. The trading floor consolidation plan calls for Bear Wagner Specialists LLC and approximately 33 floor brokerage firms to relocate from the leased 30 Broad facility to the NYSE’s other trading rooms.
“Like the Exchange itself, our specialist firms and floor brokers continue to be more productive,” said Nelson Chai, Chief Financial Officer and Executive President, NYSE Group. “They are able to handle increasing order volume with greater speed and efficiency, thanks largely to improvements in technology and automation.
“Over the next 18 months, we will consolidate the five trading rooms to four in a phased-in approach that will not be disruptive to the floor firms or customers. We expect that this effort will produce cost savings and further increase efficiencies for both the floor firms and the Exchange.”
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