Philadelphia Business Journal - 4:56 PM EST Friday The Philadelphia Stock Exchange said Friday that it plans to "evolve" from a floor-trading exchange to an all-electronic exchange. The stock exchange said in a brief statement that it was confirming a report that aired on CNBC. The exchange said it would go electronic to meet the requirements of the Securities and Exchange Commission. "We are confident that most of our members will be able to make the transition and be able to conduct their business electronically," the exchange said.
apparently its to fully comply with reg NMS. I never understood the need for regional exchanges for trading equities.. I guess its a form of competition but I never see PHLX quoting better prices than the NYSE..