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May 5, 2008

Be It Resolved: Floor Brokers Rule -- Despite 20% Cut

Anyone buy the following argument at all from NYSE CEO Niederauer today in favor of keeping floor traders around, despite a predicted 15-20% decline in their numbers:

When you get into volatile periods, people want to use the floor more, they want to get experts involved, they want human judgment.

As I have said before, the people who will suffer most from no NYSE floor brokers are the TV networks. No more backdrop of people doing ... whatever the hell floor brokers doing in an age of electronic trading.

[via Reuters]

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