NYSE MKT To End Floor Trading For Small & Micro Cap Stocks
On January 9, 2017 the decades-long purge of exchange trading floors just found another victim, the NYSE Mkt. According to a regulatory filing, trading on the NYSE Mkt is expected to be fully electronic by the second quarter of 2017.
The NYSE Mkt, home to about 250 small and micro cap stocks, has a long history stretching back to the 19th century.
According to Bloomberg, the NYSE Mkt, “Once known as the American Stock Exchange, and before that, the New York Curb Exchange, [was] formed by traders excluded from the NYSE. They initially did business on the sidewalks of downtown Manhattan, trading mining companies during the California gold rush, only moving indoors in 1921.”
The NYSE Mkt is known for catering to small and microcap public companies.
According to the NYSE Mkt website “From increasing liquidity to getting exposure to establishing IR and Governance programs, small-caps have unique needs. That’s why we’ve retooled the NYSE MKT to help small-caps grow. Get access to dedicated funding, advocacy, content and networking, and the industry’s first small-cap services package.”
Atlanta-based Intercontinental Exchange Inc. owns NYSE MKT as well as two other stock markets: the famous New York Stock Exchange and the all-electronic NYSE Arca. The NYSE has one of the last remaining trading floors. The derivatives market called NYSE Amex Options will also continue to offer open-outcry trading.
Learn more HERE.