NYSE Gives Floor Brokers Algo Access
The New York Stock Exchange has begun rolling out new technology that gives brokers on its trading floor the ability to trade algorithmically for the first time. The move follows its introduction in June of a system--BlockTalk--that helps the brokers find large blocks of liquidity using their handheld order-management devices.
Calling the initiative an "augmentation," Michael Rutigliano, VP and broker liaison at NYSE, said floor brokers will retain all of their previous capabilities but will now have algorithms integrated into their handheld devices. The 350 floor brokers continue to be an important resource for their customers, noted Rutigliano. With the new trading tools, the brokers will be able to seamlessly blend "the high-tech functionality of speed, automation and anonymity with the high-touch benefits of discovery, price improvement and accessing block-sized liquidity."
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