After Hours Trading: A Very Small Step By The Big Board

As the New York Stock Exchange faces the perils of global competition, many investors and traders view the NYSE as stodgy and unimaginative. Its venerable specialist system, in which floor brokers are charged with making orderly markets in stocks, contrasts sharply with computerized overseas stock exchanges and private stock-trading systems that have snatched away much of the NYSE's business. Well, the Big Board is taking a bold step to meet this challenge. On May 20, the NYSE won approval from the Securities & Exchange Commission for limited after-hours trading.

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