ZIFFPAGE TITLENew York Stock Exchange

By Larry Dignan  |  Posted 2005-03-07 Email Print this article Print

The exchange wants to automate its trading systems. But many clients prefer dealing with human specialists. How John Thain will try to reach both objectives.

: Base Case">
New York Stock Exchange: Base Case

11 Wall St.,
New York, NY 10005

Phone: (212) 656-3000

Chief Technology Officer: Roger Burkhardt

Average Daily Trading Volume in 2004: 1.46 billion shares

Challenge: Expand use of electronic trading while maintaining open auction format.

Baseline Goals:
  • Increase percentage of electronic trading at NYSE to 20% by year-end 2006, up from 9.8%, or 159 million, of the 1.62 billion shares traded daily in January 2005.
  • Be ready to roll out hybrid electronic/human exchange in 12 months.
  • Cut time to complete a trade from 14 seconds, on average, to 7 seconds.

Business Editor
Larry formerly served as the East Coast news editor and Finance Editor at CNET News.com. Prior to that, he was editor of Ziff Davis Inter@ctive Investor, which was, according to Barron's, a Top-10 financial site in the late 1990s. Larry has covered the technology and financial services industry since 1995, publishing articles in WallStreetWeek.com, Inter@ctive Week, The New York Times, and Financial Planning magazine. He's a graduate of the Columbia School of Journalism.

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