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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	12/6/2006 4:32:30 PM
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NYSE Gets SEC Approval to Convert All Listings to Electronic Trading Dec. 6, 2006 (Associated Press) — NEW YORK - The New York Stock Exchange said Tuesday it received regulatory approval to begin trading all of its listed stocks through a newly rolled-out electronic system by January. -------------------------------------------------------------------------------- The NYSE has been steadily adding new stocks to its hybrid system, which allows transactions either electronically or through traders. There are currently 262 stocks that trade in the hybrid system, and the Big Board received permission from the Securities and Exchange Commission to add 399 more on Wednesday and 131 the following day. Hundreds of other listings will join the hybrid system through the final weeks of the year before full implementation next month. The NYSE hopes the introduction of electronic trading will help it better compete against rivals such as the Nasdaq Stock Market. The electronic system eliminates thousands of key strokes made each day by traders, and speeds up the timing of a trade to milliseconds. Since both exchanges can trade stocks listed on each other's exchanges, the Nasdaq has been able to take market share away from the Big Board. NYSE Group Inc. Chairman John Thain has said he believes giving investors an option of executing a trade electronically will help counterbalance the Nasdaq's advance. The NYSE earlier on Tuesday said European regulators cleared the way for a $13.7 billion acquisition of Euronext NV. The NYSE will convene a special meeting Dec. 20, one day after Euronext holds its own meeting with investors. Approval of the deal would create the world's first trans-Atlantic financial market, which would trade stocks, bonds, futures and other financial instruments. Rival Nasdaq Stock Market Inc. announced earlier this month that it too plans to cross the Atlantic by making a second bid for the London Stock Exchange. © Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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