Well, i feel its a good thing. I never thought Mr. Thain was the right guy for the Exchange. Hopefully Duncan will address the issues with the Hybrid. Duncan seems to have a handle on the value the specialists add and maybe he can get the Hybrid going in the right direction. Ray, i appreciate the blog.

by tony dey on November 14, 2007 6:41 PM

While I'm a little disappointed that I didn't even get a call, Duncan seems like a good choice.

Hopefully, he's read the criticisms of the Hybrid on my site and we can get somewhere now.

-DT

by Dinosaur Trader on November 15, 2007 7:39 AM

Amen to that DT.

I just heard Van Der Moolen is discontinuing their specialist role on the NYSE. Any thoughts on this people?

Steve.

by steve on November 15, 2007 8:54 AM

From our perspective, we're going to ensure a smooth reassignment for the issues assigned to VDM, and as we said yesterday: we're undergoing a transition where we expect to add new liquidity providers to our specialist community.

by Ray Pellecchia on November 15, 2007 9:15 AM

Ray,
What do you mean by adding more liquidity providers.
Does this mean adding market markers to the floor or off the floor. I would think specialist leaving the floor is not a good thing....

by Tom on November 15, 2007 12:43 PM

Tom -- I think it means bringing in firms with business models that are going to work in this environment. I continue to believe that having a floor and being on the floor can add value.

by Ray Pellecchia on November 15, 2007 7:40 PM

Ray, can you please clarify who would be adding liquidity besides the traditional role specialists play.

by tony dey on November 15, 2007 8:30 PM

Tony -- I don't have any specifics yet on what changes might be ahead. Duncan said earlier this week that he wouldn't be surprised to see firms not currently involved as specialists join up. He also said that he sees some new rule filings later this year and early next aimed at achieving a better balance of floor and automated trading. More to come soon, I'm sure.

by Ray Pellecchia on November 16, 2007 9:58 AM

Ray, today on CNBC they talked about rolling out "Hybrid 2 " What does this mean to your customers? are they not supporting the original hybrid any longer? What can we expect? Many of us have stuck with the NYSE and we really need to understand whats coming down the pipe. Thanks

by tony dey on November 16, 2007 7:17 PM

Tony -- We're continuing to support Hybrid, but surely it's going to continue to change. It's like New York City; it's never finished.

Again, I don't have any details yet, but the goal is getting that better balance between floor trading and automated trading. Duncan said we should expect new rule filings later this year and early next. I'm sure he'll be talking more about it in the coming weeks. Will keep you posted. Thanks again, Tony!

by Ray Pellecchia on November 18, 2007 9:26 AM