A Failure of Communication: An Argument for the Closing of the NYSE Floor

Part I of this Note describes and analyzes the stock exchange communication process as it has existed in the past and as it currently exists, paying particular attention to the role of the floor broker and the stock specialist.'” Part II examines certain alternatives, evaluating such systems as to their potential as a replacement for the physical exchanges. Part III suggests an SEC rule granting specific exemption from exchange reporting requirements to low-volume automated systems in the hope of spurring innovation in the business of trading securities.