Shaping the blog to a new mark

By: Ray Pellecchia

File Under: NYSE

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Sir Ernest Shackleton: "A man must shape himself to a new mark directly the old goes to ground."
Happy Monday, folks. Fair warning: this is a NTDWH post (nothing to do with Hybrid). Or at least, little to do with Hybrid.

I'm taking a week off but wanted to post thkis first. I've been legging into some changes in HybridTalk, and I owe you an explanation of where I plan to take this thing and why, and I also want to get your input.

When HybridTalk started (18 months ago!), I really had no idea what to expect. The main goal was basically to help people learn about the changes taking place in the NYSE market, specifically the Hybrid Market model. We've been doing that, carrying word of new developments and answering questions, and we're absolutely going to continue doing that. That's my bread and butter.

But over the course of those 18 months, a couple of key things have happened. One is that you've been great in responding. You've lobbed in hundreds of questions and comments, and even responded to one another's posts. You've talked about the blog on the trading floor and at industry conferences. Others of you -- my Hybrid-Building Colleagues -- have been incredibly responsive and generous with your time and expertise in helping this generalist PR guy field tough questions from knowledgeable users.

In short, you've created an online community with a common interest in what's going on in our market. When HybridTalk started, I privately hoped that would happen, and it has, beyond my expectations. The online conversation with you has helped inform our thinking and actions at NYSE, and I thank you for that. You opened my eyes to the potential of a blog to create something valuable, and I started thinking that the blog might be useful in ways other than the original design.

The other thing that happened is that the company that employs this humble blogger has gone through huge changes.

We went public, a big step toward providing the transparency and customer focus that builds credibility and trust with customers and the public -- things that had been severely damaged in the previous few years. We merged with Archipelago, and more recently with Euronext. In about 13 months, a privately held, not-for-profit, essentially one-product company became the world's largest exchange group, a publicly held company with three market platforms on two continents and a product array including equities, options, bonds, futures and market data.

Amid all the change, it began to occur to me that the blog has been focusing only on one piece of our business, while new and exciting things also were happening in other business lines, and most recently on another continent. To use the blog to maximum effect for customers and the public going forward, why not expand it to include other products, services and platforms?

As I said, we've begun to leg into doing just that. John Holman has begun blogging about bonds, and Amy Farnstrom about Options. That's what I'm trying to cultivate:more original content, directly from people leading or working in the various businesses. We'll also have a new blog name to fit the broader purpose, and better navigation among the blog categories.

A few other changes I have in mind:

-- A "blog roll" of other blogs of interest to readers. Would be happy to consider any favorites you want to nominate. The comment box below is open to you on this or any other suggestions.

-- Better explanations in the "about" section and elsewhere regarding how the blog works and our comments policy.

-- Blog interviews with market managers or professionals, with a service-oriented focus -- information you can use.

-- I'm thinking about cutting back on the archive, which now dates back to December 2005 and can pose some maintenance issues in terms of constantly making sure it stays accurate and consistent with the latest changes in products, services, rules and regulations. Does anyone object to having just, say, the last 6 or 12 months?

-- I'm also planning to eliminate the "contact" button, which brings you to an e-mail box that is getting flooded with spam and extraneous requests, and is getting tougher and tougher for me to manage. Most people come in the front door (the comment box) and I'd like to keep just that one door open; one is enough to manage. Any objections, speak now, or forever hold your peace (except for through the comment box).

On all these things and anything else you want to suggest, I'm open to your ideas. What would you like to see? Or not see?

Beyond that, I just want to reiterate, the blog will not forget where it came from. Those of you who are long-time readers know where my heart is. I will continue to advocate for the trading floor, because I truly believe that people provide value. I will also continue to advocate for the Hybrid Market -- which is, let's remember, is the combination of auction and automation -- because I also believe that our market model had to change to be customer responsive, and it needs to change further still. And I believe in the ability of my colleagues to figure it all out and get it right (not to put too much pressure on my HBCs) and that the blog will continue to be a great front-row seat for talking with you about all of these changes and others to come.

Back to the beginning. Why is Sir Ernest Shackleton's photo atop this post?

Shackleton was known as a great Antarctic explorer, but more than anything else, he was a great and wise leader. When his ship Endurance got locked in the prematurely freezing polar waters, hundreds of miles from his intended destination and beyond any hope of rescue, he and his men seemed doomed.

But Shackleton recognized that his world had changed, and he had to adapt. He was no longer leading an Antarctic exploratory expedition; he was leading a survival mission. The ice-bound Endurance was no longer a sailing vessel, but a supply depot and home base. Lifeboats became sleds and shelter, stew pots became snow-melters. Most of the heavy glass photographic plates intended to record the glory of reaching the South Pole were left behind so the men could travel lighter across ice and water amid blinding snowstorms.

Miraculously, every one of the men survived, in no small part due to their own bravery and perseverance, but also due to Shackleton's recognition that the ground had shifted, and he had to shape himself to a new mark. HybridTalk is no life-and-death matter (though I may have bored you to death with all this). But I'm looking forward to standing on new ground and shaping the blog to a new mark, and to your help in getting us there.

Hope that explains what's up. This week I'll be doing some stuff around the house, replacing a few roof shingles, fixing a hole where the rain comes in (to borrow a phrase), taking a step back from the blog and from work, hopefully not stepping off the roof. Mic is yours. Thanks again.

Tags: New York Stock Exchange, Hybrid Market, NYSE, NYSE Euronext, NYX, trading, stock market, bonds, options, blog