Friday, June 01, 2007

No specialists, no ETFs

The rapid disappearance of stock-exchange trading floor "specialists" is starting to hurt the booming exchange-traded-fund business.

Specialists are the elite traders who, for many years, have helped maintain orderly trading amid the chaos of the floor. Now they are a vanishing breed as electronic trading gains acceptance -- the New York Stock Exchange has seen its specialists decline more than 30% since last year.

That is bad news for ETFs, which resemble mutual funds but trade on an exchange like a stock.

Always nice to read that your company actually provides a useful service to someone.

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