PACIFIC STOCK EXCHANGE TRADING FLOOR GOES BYE-BYE:
The Pacific Exchange (PCX) today announced that it is closing its San Francisco equities floor on Thursday, March 21, 2002. The PCX also announced that, on Friday, March 22, it is moving its equities trading operations to the fully electronic Archipelago Exchange (ArcaEx).
The PCX and its forerunner, the San Francisco Stock and Bond Exchange, have operated a trading floor for stocks and bonds in the city since 1882. The floor has been housed in the “Temple of Capitalism” at 301 Pine Street since 1930, but advances in technology have eliminated the Pacific’s need for centralized, physical facilities to make markets in equity issues.
I wonder if the NYSE will ever close its trading floor, which also has got to be rapidly becoming superfluous in these days of electronic trading. And does this mean that telecommuting is not dead, despite all the panicking stories I read about it in late 2000 and 2001?