Thain reassured members during the conference that he was not abandoning the floor trading system.
Floor trading is dominated by a handful of specialist firms, whose traders assist in the buying and selling of assigned stocks.
Now floor trading is becoming something akin to the home delivery of milk.
Members would give up their seats at the NYSE, which would then develop a licensing system for distributing floor trading rights.
Yet if competition can force even the biggest exchanges to consider abandoning floor trading, what might it do to a minnow like Kansas City?
The U.S. Securities and Exchange Commission was mulling rule changes that threatened to put its 212-year-old floor trading system at a severe disadvantage to electronic rivals.
Floor trading volume dropped by half in the second quarter compared with last year, when Nymex agreed to start trading its contracts on the Merc's Globex electronic system.
It does give Nymex, which is planning on an initial public offering later this year, a critical boost in electronic trading to complement its traditional open-outcry floor-trading model.
There are some fully electronic trading firms looking to hedge their bets on the demise of the floor-trading system.
An uneasy silence settled over the floor when trading ended Monday.
My colleague Matt who was in charge of this called down to the CBT floor before doing a trade, to see where the floor was trading.
Reg NMS does not cover commodity exchanges, which allows the member-owned, floor-trading New York Mercantile Exchange to sustain its old ways although competition from the all-electronic IntercontinentalExchange could also force it to change.
The floor-trading profession is threatened with extinction elsewhere.
The Amex's traders will be relocated to the New York Stock Exchange, where there is plenty of room for them on the trading floor due to the rise of electronic trading.
The trading floor lost a cadre of brokers thanks to electronic trading.
Neiderauer, a former Goldman Sachs partner and senior trading executive there, is said to have a disdain for the floor-based trading model.
Neiderauer, a former Goldman Sachs (nyse: GS - news - people ) partner and senior trading executive there, is said to have a disdain for the floor-based trading model.
While most exchanges simply match buyers and sellers, New York maintains a physical trading floor where specialists theoretically stand ready to buy or sell listed stocks even in times of crisis when trading dries up.
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Around that time, traders noticed that Mr. Corzine was spending less time on the trading floor.
He received a standing ovation from disappointed workers on the trading floor at Salomon.
Traders on the New York Stock Exchange trading floor described the session as fairly typical.
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New York headquarters will be located in the Wall Street building, home to the iconic trading floor.
NYSE's floor-based trading system, in which shares are bought and sold through a few firms known as specialists.
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They set up the office like a trading floor: an open, 10, 000-square-foot pit with monitors tracking air traffic.
'S energy trading floor in Houston, two meteorologists stare at storm patterns and nationwide temperatures on their monitors.
Besides, the whole thing about a New York trading floor is pretty much an urban myth these days.
Not to mention the hubbub about what will happen to the infamous New York Stock Exchange trading floor.
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