Tuesday, May 26, 2020
Wasn't Missed
The New York Stock Exchange has insisted for years that traders on the exchange floor are necessary for improved pricing of stocks in up and down markets. Well, the market maker has just announced the re-opening of the Big Board after a two-month shutdown. It wasn't missed. Maintaining traders on the floor is a leftover of 200 years of open outcry auctions. Digital trading made them obsolete more than 20 years ago, but the NYSE lumbers on. Some day, the NYSE's owner is going to shut down the floor and it will be a memory of what it once was. Then it will be torn down or become a sight for tourists to look upon the technology of the 20th Century and how it changed. The NYSE based its PR for decades on the vital function of the trader. No more. No longer.
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