|The NYSE on Oct. 31 announced a plan to consolidate trading operations from five rooms to four over an 18-month period. The trading floor consolidation plan calls for Bear Wagner Specialists LLC and approximately 33 floor brokerage firms to relocate from the leased 30 Broad St. facility to the NYSE’s other trading rooms.
“Like the Exchange itself, our specialist firms and floor brokers continue to be more productive,” said NYSE Group CFO and Executive Vice President Nelson Chai. “They are able to handle increasing order volume with greater speed and efficiency, thanks largely to improvements in technology and automation.
“Over the next 18 months, we will consolidate the five trading rooms to four in a phased-in approach that will not be disruptive to the floor firms or customers. We expect that this effort will produce cost savings and further increase efficiencies for both the floor firms and the Exchange.”
The 30 Broad St. trading facility was opened in November 2000. Currently 503 stocks trade in its 10,000-square-foot space. The NYSE’s four remaining trading rooms account for more than 36,000 square feet.
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