NYSE - sign of the times

[wackypete2]

NYSE has become nothing but a giant TV studio.
I wonder how many pit traders are still left? The floor almost looks like a ghost town.

Peter

 

[yellow4yield]

Maybe they could hire some TV "extras" to stand around and shout at each other.

Showing computer network traffic on TV is not as interesting!

 

[nelsonhimes]

Yeah i totally agree with Wackpete2. now its looks like empty town

 

[DionysusToast]

Needs to die too IMO

 

[wackypete2]

Needs to die too IMO

Do you think all pit trading should be done away with along all markets? Probably will at some point. Are there any benefits for certain commodities to having pit traders still around?

My fear is that the fewer pits and traders we have the more often we will see flash crashes as computers completely take over. It could be irrational on my part but I just don't trust computers. I was a programmer once so I've seen the damage a small snippet of bad code can do (hehe, I've done it myself once or twice ). Maybe a bit irrational on my part.

Anyone else?

Peter

 

[DionysusToast]

I don't have a problem with pits per se. For sure, on the indices, they are largely irrelevant nowadays.

What I have an issue with is NYSE specifically and in particular the role of the NYSE specialists.

 

[NVP]

Do you think all pit trading should be done away with along all markets? Probably will at some point. Are there any benefits for certain commodities to having pit traders still around?

My fear is that the fewer pits and traders we have the more often we will see flash crashes as computers completely take over. It could be irrational on my part but I just don't trust computers. I was a programmer once so I've seen the damage a small snippet of bad code can do (hehe, I've done it myself once or twice ). Maybe a bit irrational on my part.

Anyone else?

Peter

sadly I see it dissapearing over time .........

 

[chibiks]

I don't have a problem with pits per se. For sure, on the indices, they are largely irrelevant nowadays.

What I have an issue with is NYSE specifically and in particular the role of the NYSE specialists.

This leads me to a question about NYSE specialists. I was reading a book about trading and it was mentioned that floor traders are the ones that have retail orders. My question to you is are floor traders NYSE specialists? Or only market makers? Also in electronic exchanges such as the NASDAQ and Globex, are there still floor traders who have the retail order?

 

[phw0ar]

I thought NYSE have been replaced Specialists with Designated Market Makers(DMM) a few years back, is that right?

 

[Liquid validity]

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