| NEW YORK
NEW YORK Jan 10 Exchange operator NYSE, which
includes the New York Stock Exchange and is owned by
Intercontinental Exchange Inc, will end floor trading on
its NYSE MKT exchange as part of a transition to a new
After the action, expected in the second quarter, all
trading on the NYSE MKT exchange, which lists and trades around
250 small-cap companies, will be automated, including opening,
re-opening, and closing auctions.
An NYSE official was not immediately available for comment.
NYSE MKT, the former American Stock Exchange, or AMEX, was
acquired by NYSE predecessor, NYSE Euronext, in 2008 for $260
million to help boost its options, exchange traded funds and
cash equities businesses. NYSE closed the old Amex equities
trading floor and moved it to the NYSE trading floor in 2009.
"Though all of our markets operate electronically using
cutting edge, ultrafast technology, we believe nothing can take
the place of human judgment and accountability," the NYSE
website says about NYSE MKT's market model.
NYSE MKT's regulatory filing, however, says it will replace
its floor-based Designated Market Makers (DMMs), who have
obligations to maintain fair and orderly markets for specific
securities, with electronic DMMs, which have similar obligations
It also said it will no longer have floor brokers.
Floor trading on the New York Stock Exchange, NYSE Amex
Options and NYSE Arca Options will not be affected.
NYSE MKT, known as the New York Curb Exchange until the
1950s, said it will expand the securities it trades to include
all National Market System securities, including those listed on
the NYSE, NYSE Arca, Nasdaq Inc, and Bats Global
NYSE said in January 2015 it will implement a new trading
technology platform, known as Pillar, that will connect all of
its equities and options markets, including the NYSE, NYSE MKT,
NYSE Arca Equities, NYSE Arca Options, and NYSE Amex Options.
(Reporting by John McCrank; Editing by Steve Orlofsky)