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NYSE ‘MKT’ Exchange to End Floor Trading
[Photo: NYSE Trading Floor, Government of Thailand / Flickr]
Exchange operator NYSE, which includes the New York Stock Exchange and is owned by the Intercontinental Exchange (ICE), will end floor trading on its NYSE MKT exchange – formerly the AMEX, or American Stock Exchange - which currently lists and trades around 250 small-cap companies.
Floor trading on the NYSE, NYSE Amex Options and NYSE Arca Options will not be affected.
After it transitions to a new technology platform, sometime in Q2 of 2017, all trading on the NYSE MKT exchange will be automated, including opening, re-opening, and closing auctions. The AMEX was acquired in 2008 and, in 2009, NYSE closed the old AMEX equities trading floor and moved it to the NYSE trading floor.
NYSE MKT's regulatory filing, however, says it will replace its floor-based Designated Market Makers (DMMs), who have obligations to maintain fair and orderly markets for specific securities, with electronic DMMs, which have similar obligations It also said it will no longer have floor brokers.
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