UBS cuts 23 out of 30 NYSE floor jobs

Discussion in 'Wall St. News' started by a529612, Mar 29, 2007.

  1. mrmoose


    "Please tell me they didn't give Art Cashin the axe !!! If he is gone they should just retire the whole place"

    isn't it about time for that fossil to finally drink himself to death?
  2. I doubt it. There are still 7 people left. I bet he has to be there to run the show.
  3. wave


    Now they will have to learn how to take profits the hard and honest way like the rest of us.
  4. wave


    Thing is the quants and their alogorithms are smarter and more sophisticated than the floor guys. The patterns are still there, but the algos can play more tricks than the floor.

    The algos make the video game harder.
  5. If they one day close all of these exchanges, would the exchange stocks like NYX and CME still continue to trade? How do the exchanges make money if everything trades electronically?
  6. Sell NYX, CME logoed T-shirts? :D
  7. nothing new in this story.

    in all honesty what is the point of the floor and the building.

    prime real estate in the middle of new york.

    just move all of the servers and hardware to somewhere cheaper.

    in 10 years the building will be gone. fact.

    they did it in london to the stock exchange building and the liffe floor.

    no point to it. it was a waste of space.

    mind you there will bo no where to hang the flag from that takes up the most space outside a building i have ever seen.very gaudy.
  8. As the UBS Securities Director of Floor Operations at the NYSE, Art Cashin is going to leave when the building closes down if his
    retirement doesn't come first. He's too valuable a presence for UBS with his daily spot on CNBC and face time on other networks.
    #10     Mar 30, 2007