The world renowned trading floor New York Stock Exchange (NYSE), part of ICE (Intercontinental Exchange) has announced today that it plans to expand its floor-based trading operations to all U.S. securities for the first time.
The expansion plan includes Nasdaq-listed symbols and all listed exchange traded products. For now, only NYSE Arca Equities offers trading in all U.S. securities. After moving to an electronic Price/Time model in the second quarter (Q2) of 2017, NYSE MKT will join in and provide the same kind of offering. This move means a complete shutdown of NYSE MKT to the trading floor operation and switching completely to electronic trading.
Stacey Cunningham, NYSE Chief Operations Officer, said: “We have a long-standing commitment to providing our issuers and member firms with choice. Our plan to provide even greater access to trade U.S. securities is a positive move toward bolstering fair and transparent liquidity and offering even greater choice.”
“We are committed to our proven market model that combines hi-tech trading capabilities with human judgment at the point of sale on our iconic NYSE trading floor. We believe our model consistently delivers the best trading outcomes and lowest volatility for listed companies and investors, and NYSE listed companies will still receive the exclusive benefit of a NYSE Designated Market Maker”, she concluded.
With the expansion, NYSE’s trading floor members will be able to offer Parity allocation in all securities listed on any U.S. equity exchange. NYSE is the only exchange offering such model, which “deemphasizes speed so that multiple participating investors have equal access to trade at the same price, regardless of when an order arrived”, according to the statement.
It is expected to see NYSE markets trading the full universe of 8,600 U.S. listed securities by year-end 2017, when NYSE migrates to NYSE Pillar, its new trading system.