NYSE Floor Brokers Get New Tools to Trade Algorithmically and Locate Deep Liquidity

The New York Stock Exchange, a subsidiary of NYSE Euronext (NYX), is rolling out two new technologies that give brokers on the NYSE trading floor the ability to trade algorithmically and strengthen the brokers' ability to locate large sources of liquidity, according to the firm.

"NYSE floor brokers continue to be an important resource for their customers," said Michael Rutigliano, vice president-broker liaison, in a press release. "These new tools will enable brokers to seamlessly blend from their hand-held devices, the high-tech functionality of speed, automation and anonymity, with the high-touch benefits of discovery, price improvement and accessing block-sized liquidity," he added. The NYSE last week began introducing algorithmic trading capabilities for floor brokers, and last month rolled out BlockTalkSM, which assists brokers with finding the "contra side" for block-sized orders.

In the coming weeks, the NYSE will gradually roll out new, algorithmic trading capabilities for floor brokers. Brokers will have the ability to route all or part of a customer order to an external algo engine directly from their hand-held order-management device. In collaboration with floor brokers, Pragma Financial Systems has engineered and provides a suite of sophisticated, high-performance algorithmic strategies designed specifically for the NYSE point of sale.

"We are happy to have the opportunity to partner with the NYSE, and to provide its floor brokers with execution algorithms," said David Mechner, president at Pragma Financial Systems, in a press release. "We worked closely with NYSE to customize our platform to meet the needs of the floor broker community, and I think we've succeeded in developing a unique offering that will provide tremendous value for its users," he added.