Pisani prediction: more floor

By: Ray Pellecchia

File Under: NYSE

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OK, I'm fully recovered from the eggnog overdose after-effects, and trying to catch up on some things I've missed recently. Here is one of several I've been meaning to blog about: a post from CNBC's Bob Pisani -- Outlook '08 Predictions: NYSE, Dollar, SEC And More (CNBC.com)

Longtime Exchanges readers know what I think about predictions in general: take them with a grain of salt. That notwithstanding, I found Pisani's commentary blogworthy because a) Pisani reports from NYSE for CNBC, so he has the perspective of someone who works here but isn't paid to drink and spout our Kool-Aid; and b), it's about the NYSE trading floor. Excerpts:

Contrary to all expectations, the NYSE floor will not disappear; new investment from Lehman and one or two other firms that will buy into the renamed specialist business will stabilize the trading floor.

. . .

New SEC rule changes will inject life into the specialist system at the NYSE. The long-desired changes will help the long-term viability of the specialist system, and will once again help the specialist companies regain profitability.

My views on predictions aside, I do happen to think he's right on this one. Your thoughts on that are welcome, as always, in the comment box below. In particular, I'd love to hear from some specialists and floor brokers on the subject.

Let me also note that elsewhere in the same piece, Pisani talks about merger prospects for NYSE Euronext. My agreement with his floor prediction should in no way be misconstrued as a comment about his M&A prediction. On the latter subject, I don't know, and if I knew I couldn't tell you.

I'm just not that kind of guy.

Also, just a reminder, our policy in this space is that our links to and comments on things we personally and professionally find of interest do not represent an endorsement of those things, or a guarantee of their accuracy. And any commercial recording, re-broadcast, replay or other use of this broadcast without the express written consent of Major League Baseball and the New York Yankees is prohibited by ... um, sorry, got carried away there.

Today in NYSE History
04 Jan 1861 -- The NYSE was closed for a national day of fasting, humiliation, and prayer.

Wow. Fasting, humiliation and prayer. They don't make national holidays like they used to! Maybe they should?