Summit Notebook
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NYSE floor population drop coming in ‘08 – CEO (Audio)
As many as one in five brokers could be off the NYSE floor by year end, according to a prediction from NYSE-Euronext CEO Duncan Niederauer.
“As we roll out more technology, and we change some of the rules … I think they would need fewer people on the floor. I wouldn’t stand in the way of that, and I could see us just in the main room eventually,” Niederauer said at the Reuters Exchanges and Trading Summit in New York.
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[...] Niederauer said the population of those connecting buyers and sellers could decline by another 20 percent by the end of the year, excluding staffers at the American Stock Exchange, which the NYSE is in the process of acquiring. [If you want to get the full context of Duncan’s comment, the audio is posted on the Reuters Summit blog.] [...]