07:55 ET NYSE chief considering leap into the realm of electronic trading -- WSJ : The Wall Street Journal reports chief executive John Thain of the New York Stock Exchange is considering making a big leap into the realm of electronic trading. The proposal under consideration would be to use an electronic system to automatically match investors' stock orders that represent the best prices to buy and sell shares at a given time, according a senior specialist and other people familiar with the proposal. The five major specialist firms are LaBranche & Co. (LAB); FleetBoston Financial Corp.'s (FBF) Fleet Specialist unit; Goldman Sachs's (GS) Spear, Leeds & Kellogg unit; Bear Stearns Cos.' (BSC) Bear Wagner Specialists unit; and Van Der Moolen (VDM).
So would this be in addition to the specialist? The little blurb isn't too clear about this IMHO... -Guru
IMO this will eventually morph into the specialist becoming the primary market maker in his stock. Even the NYSE good ol` boys cant stop the wheels of progress now.