A better front door to NYSE, NYSE Arca; plus other links

By: Ray Pellecchia

File Under: NYSE

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NYSE Group Equities Streamlining: Today we sent a note to member firms announcing the first of a series of systems enhancements that will increase execution speed and messaging capabilities, and enable firms to consolidate their points of entry into NYSE and NYSE Arca. A new Common Customer Gateway -- a better front door to the market, in my layman's view -- is the first of these changes and will start rolling out next quarter. (NYSE)

(Wall Street Journal); UBS Cuts 23 of 30 New York Stock Exchange Floor Jobs (Update2) (Bloomberg): UBS, based in Zurich, is trying to find positions within the bank for the 23 people, most of whom hold administrative jobs, said Kris Kagel, a spokesman in New York. Nine of the bank's 16 floor brokers were affected, he said in an interview...NYSE Group Inc., which owns the exchange, has introduced automated trading to help it compete with Nasdaq Stock Market Inc. in meeting investor demand for faster electronic transactions. UBS follows Lehman Brothers Holdings Inc., Bank of America Corp., Credit Suisse Group and Van der Moolen Holding NV in cutting the number of jobs on the stock exchange floor.

[This continues to be a painful time on the trading floor for those affected by these cuts and those who know them. I saw a commentator say yesterday that the floor doesn't have much longer. This is just me talking, but I disagree. Tough as things look right now, I continue to believe that people can add value for customers, have an important role, have a future here. A combination of things need to happen to realize that: enhanced tools, increased usage of those tools, better economic incentives, the reduced number of people reaching a point where costs and economic benefits are in balance; and ultimately, the pendulum swinging back and the market returning to recognize the role of the professionals, particularly with big, complex orders. I believe that will happen, and I'll keep you posted on developments. -- RP]

This Date in NYSE History: 1981 -- President Ronald Reagan was shot in an assassination attempt; as the news reached the trading floor, the market closed at 3:17 p.m. (NYSE) [I'll bet you remember where you were when that happened. -- RP]

Born On This Day: Graeme Edge, 66 (The Moody Blues); Eric Clapton, 62; Tracy Chapman, 43; and Nora Jones, 28. (New York Times)