Today at the close of trading the NYSE has ceased to exist in what is essentially the form it has had since it’s inception 213 years ago. As a result of its merger with Archipelago, the big board is now a publicly traded company.
While I’ve always preferred the rainy, entrepreneurial spirit of Seattle to the snowy, hyper-tense atmosphere of lower Manhattan, it’s a bit nostalgic to watch this change. Partly because I think it is be the beginning of the end.
The NYSE/Archipelago merger was driven by technology. Archipelago had it, the NYSE didn’t. It looked like a dinosaur compared to the NASDAQ (albeit a very highly regarded dinosaur) but it realized it couldn’t compete in today?s 24-hour tech-dominated world without some backup. They found some in Archipelago, but it’s clear that the old days of stock trading are fading fast and are being replaced by all electronic exchanges.
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I can’t take credit for this, because someone told me how to do it, but I don’t have access to that e-mail, so I can’t give them credit. (If you see this, let me know and I’ll post an update.)