'[N]o substitute for...market color and insight that human traders can provide'

By: Ray Pellecchia

File Under: NYSE

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Alpha [magazine]'s Top Trading Firms ranking "shows that in a world where trading is increasingly electronic, the human touch still matters...This summer’s market turbulence — and record trading volume — was a sometimes painful reminder for hedge fund managers that the best electronic systems sometimes fail and that there is no substitute for the market color and insight that human traders can provide. The firms that score well in Alpha’s ranking all provide a strong mix of human interaction and tech savvy. Alpha’s ranking indicates that Goldman has struck the best balance of the two qualities in the eyes of its clients."

Wow. The human touch still matters, says this new magazine from the folks at Institutional Investor. A balance between "human interaction and electronic savvy" works well.

Who knew?

Well, Bruce Springsteen, for one:

I ain't looking for praise or pity
I ain't coming round searching for a crutch
I just want someone to talk to
And a little of that human touch
Just a little of that human touch

Welcome to Friday, humans.

Today in NYSE History:
28 Sept. 1938: The Board of Governors elected three public representatives to the board, bringing its membership to its full complement of 32.

OK, so that left it: members 29, public 3. A far cry from today, perhaps, but at least the beginning of the beginning.

On This Day was born Ed Sullivan (1901-1974), the newspaper columnist turned TV host who introduced America to, among others, four lads from Liverpool. Plus Ben E. King (69 today), who wrote and performed, among other great tunes, "Stand By Me," the wedding song of Mr. and Mrs.Your Humble Blogger. Which song was covered by one of those lads from Liverpool (John Lennon), who is mentioned in this funny piece by Dick Cavett about Richard Nixon.

Like how that all ties together? My mind is a terrible thing, and it's wasted.

Tags: NYSE, Hybrid Market