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NYSE Floor Traders: A Disappearing Breed
[ by Melanie Gretchen ]
New York Stock Exchange Floor Traders are dwindling in number. That fact hit home with last month's $8.2 billion purchase of The Big Board by the IntercontinentalExchange, or ICE. Just 5 years ago in 2007, there were 3,000 market makers and traders. Now there are 300.
Over the past decade, the Big Board's one-time monopoly in stock trading has declined to about 20% of its overall industry volume today due to rival electronic exchanges and the advent of high-frequency trading. Though ICE will pursue new regulations more favorable to the NYSE than upstart high-frequency rivals, Floor Traders would appear to be past their prime.
"There is always the possibility – and I underscore possible- that the NYSE itself might end up on the market a few years from now as they rationalize their operations." -- Thomas Caldwell, a major NYSE and ICE shareholder.
For further details, go to [NY Post, 1/13/13].
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