The New Stock Exchange celebrated Friday after the Securities and Exchange Commission finally approved its far-reaching high-speed trading plan to modify some of its order types and, in a nod to regulators, dump about a dozen others.
The move, coming on the heels of talk about the diminishing importance of NYSE's floor traders, should ramp up the Big Board's high-frequency trading firepower, with the exchange potentially gaining ground on rivals that have long had the same deal, analysts say.
But the SEC move didn't sit well with some critics.
"This is basically a blessing for exchanges to continue volume growth by accommodating HFT strategies and introducing asymmetry in the marketplace," the prominent Wall Street whistleblower Haim Bodek told The Post.
"The message to investors is that it is probably time to start using HFT order types and strategies. Otherwise, you will just bleed more when you execute on the NYSE and other HFT-oriented exchanges," he added.
However, the SEC's decision bolsters a banged-up NYSE after financial Web site MarketWatch's recent decision to stop running photos of the once-bustling Big Board trading floor — a decision that has thoroughly ticked off survivors and former pros of today's high-tech exchange.
"The small squads of human traders who remain on the floor at 11 Wall St., the New York Stock Exchange's Teddy Roosevelt-era headquarters, are (for the most part) just playing fantasy football," announced Jeremy Olshan, MarketWatch's editor-in-chief, in a scathing column explaining the editorial change at the financial information Web site. (Story's headline: "This is the last photo we'll ever run of the NYSE trading floor.")
Not surprisingly, in response, NYSE suits and trading jackets this week launched a counterattack. "We are not relics; we are survivors. We are not media plants," wrote NYSE floor vet Peter Tuchman, himself recently dubbed "the most photographed trader on Wall Street."
"We are brokers trading other people's money, managing high risk and putting our experience and integrity on the line every day," Tuchman added in his MarketWatch reply.
Olshan also took a stinging rebuke for his announcement from ex-NYSE floor trader Paul Olsen.
"I think this is stupid," said Olsen, who acknowledges the Big Board has seen better days on the floor but still has a pulse. (The floor has shed thousands of trading jobs — but still ekes out a living for some 300 stock traders.)
The NYSE declined to comment on the row. But some people close to the exchange shrugged off the MarketWatch gambit, saying the floor would survive the slap.
"More than 30-plus media outlets report from the NYSE daily," said one source. "And we have major photo services that are badged and send photographers down here every day."
MarketWatch says while it's done with photos of the NYSE floor — or any other trading floor worldwide — an exception is something "newsworthy."
— MarketWatch is part of News Corp., which also owns the New York Post.
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