The New York Stock Exchange has debuted the first phase of its next-generation trading floor with the completion of the west wall trading space. The new floor, which features a modern design (it even includes seats for traders to allow them to get off their feet once in a while), is intended to bring more traders onto the floor with new tools and greater access to global markets.
“We’re not just looking to update the look of our market but also the tools we provide the traders as a way to entice upstairs traders to bring their business downstairs and work on the floor,” says Lou Pastina, EVP of NYSE operations.
Pastina notes that while about 60 percent of firms on the floor currently trade in all markets, he expects that nearly all members will trade in all markets following the introduction of the revamped floor. The first section of the renovated space went live in March along the west wall. The east wall area will follow in mid-September. Combined, they will offer about 206 trading positions.
NYSE Trading Floor, East Wall:
Individual trading spaces at the edges of the room are 28 inches wide by 24 inches deep. Each will house a maximum of six screens and will offer all of the functionality of an upstairs trading desk, including access to the firms’ OMS and off-floor space to house servers, says Lou Pastina, EVP of operations, NYSE. “Traders will have access to their handheld devices in a docked position during the trading day and be portable for the open, close and other auction activity,” he adds.
NYSE Trading Floor, West Wall:The legacy trading posts in the center of the floor also will be transformed to create a more open space. Pastina says the screens that currently hang from long arms will be removed and the posts will be streamlined and refurbished to look similar to the new area that houses the NYSE Amex Options trading floor. According to Carl Ordemann, the principal in charge of the project at Perkins Eastman, the design firm behind the renovation, ”Nothing is faster than the human mind, and the aim was to have that activity — that buzz — back on the trading floor.”