Musk’s Long Road to Mars: How Poor Planning Dogged the Development of SpaceX RocketRead Now

The NYSE trading floor last month. Photo: Bloomberg

NYSE Floor Closure Could Drive Trading Elsewhere

By  |  March 18, 2020 4:34 PM PDT
Photo: The NYSE trading floor last month. Photo: Bloomberg

Starting Monday, the New York Stock Exchange will shut down its trading floor and switch to operating remotely for the first time in its history, after two exchange workers were diagnosed with coronavirus. But with all employees working remotely, the exchange won’t be able to execute about a third of the trades that normally pass through its system during the crucial last minutes of trading, current and former employees said. That could drive business away from NYSE to its chief rival, Nasdaq, whose trading system is fully electronic.

NYSE, one of the largest stock exchanges in the world with about 25% of U.S. daily trading volume, had kept open its iconic trading floor in part because the 228-year-old institution doesn’t have a way to electronically replicate the portion of end-of-day buying and selling, known as the closing auction, that still relies on floor brokers, according to three current and former employees. While floor brokers carry out those trades electronically, the process is still reliant on in-person interaction on the stock exchange floor, located on Wall Street in lower Manhattan. 

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
Creator Economy
The Questions Around Snap’s TikTok Clone After Top Exec Resigns
Ben Schwerin. Photo: Getty
After eight years at the company, Snap’s senior vice president of content and partnerships, Ben Schwerin, is departing to join Coatue Management as a general partner, my colleague Kate reported. Schwerin helped lead Snap’s Spotlight, the app’s TikTok clone launched at the end of 2020. His replacement will face the task of maintaining Spotlight’s growth as other rivals, such as Instagram’s...
Latest Briefs
Twitter’s Head of Revenue Strategy & Operations Departs
Meta Beginning Effort to Trim Managerial Ranks
Zoom Lays Off 15% of Staff, CEO and Execs to Take Pay Cut
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
The supplement stacks of 11 founders and investors. Photos courtesy of subjects.
The Big Read culture
The Supplement Stacks: All the Pills, Powders and Potions Filling Tech’s Kitchen Counters
When Courtney Reum wakes up in his Los Angeles home, it’s time to freeze, shake and dangle upside down.
Verily headquarters in San Francisco. Photo by AP.
Exclusive google
Revenues Rise at Alphabet’s Biggest ‘Other Bet’ But So Do Losses
Verily, by far the biggest Alphabet unit by revenue after Google, continues to post heavy losses, according to previously undisclosed financial information.
Art by Clark Miller.
The 1:1 google
‘We Just Have to Keep Winning’: A Sonos Executive With a Colorful History Goes to War Against Google
A few months into his job as chief legal officer of Sonos, Eddie Lazarus was ready to wage war. When Lazarus joined the audio hardware company in late 2018, it was facing growing competition from tech giants like Amazon and Google.
Photos via Adept Labs, Edmund Hillary Fellowship, Gantry ML, KIT Gründerschmiede, Sci Founders, Shutterstock, Stanford University, University of Central Florida, UC Irvine, UC Berkeley and YouTube.
Exclusive ai
OpenAI Is Making Headlines. It’s Also Seeding Talent Across Silicon Valley
OpenAI has just 375 full-time employees, but its buzzy chatbot, ChatGPT, is shaking up Silicon Valley.
Illustration by Clark Miller.
Opinion startups
Stop Paying People So Much
Every startup leadership team wrestles with the trade-offs between growth and profitability. This is fitting and ever shall be.
John and Patrick Collison. Photos by Bloomberg.
markets startups
Stripe Walks Tightrope to Stay Private. Could Other Firms Follow?
Thirteen years after starting Stripe, chief executive Patrick Collison is raising his company’s largest ever slug of cash from venture capitalists.