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Four Easy Pieces

Last October, NYSE began a fundamental transformation from floor-based to technology-driven marketplace via Phase 3 of the Hybrid platform. Almost a year later, NYSE has lost substantial share to competing venues, such as Nasdaq. NYSE's current plans for Hybrid involve incremental changes to the role of specialist and additional economic incentives for the floor. More radical change—along the lines of the four proposals below—may be necessary if NYSE wants to turn Hybrid around.