The number of trades executed electronically over the New York Stock Exchange has tripled since the introduction of the Big Board's new hybrid market system early last month
Of the 109 Nyse-listed stocks trading on the hybrid market, 99% of quotes were automatically accessible and 91% of trades were auto-executed, up from 29% pre-hybrid.
Presenting the results at a Keefe, Bruyette & Woods securities brokerage conference in New York, Nyse CFO Nelson Chai says measures for market quality and operational performance of the new two-tier system are very positive.
"These initial results build upon our confidence as we continue to add stocks, and our customers, specialists and floor brokers are responding to and interacting very well with the hybrid market," he told the conference.
The Nyse yesterday announced plans to close one of its five trading floors, citing technology-driven operational improvements among traditional floor brokers. Both Credit Suisse and Van der Moolen last month revealed plans to slash the numbers of floor staff they employ at the Nyse in response to an upsurge in electronic trading.
The Exchange is conducting a gradual roll-out of all Nyse-listed securities to the new system through Dec. 2006.