NEW YORK: This week, the New York Stock Exchange will hold its first "Traders Night" for journalists. It is an attempt to show the media, through mock-trading exercises, how the exchange and its technology work.
For years, the Big Board has given journalists tours of the exchange during trading hours and has held "Traders Nights" for employees of Wall Street companies. But this is the first such event for the media. Like the other programs, it is run out of the NYSE's communications department. The event, to be held Wednesday, February 18 at the NYSE, is officially off the record.
The NYSE recently brought in a new management team following the resignation of CEO Richard Grasso over his salary.
Rich Adamonis, SVP of communications at the NYSE, said the night would be informal, with mock trading with brokers and "specialists" (those who process trades) on hand and no "heavy presentation."
He said the event was not created to address the current debate about whether the exchange should move to more electronic trading and away from its trading-floor "open outcry" system, which some critics believe is anachronistic. It has more to do with "getting journalists to understand the market and how it trades, what the world of specialists and traders is, and exposing them to the technology," Adamonis said. "As a journalist, you may have a certain impression of the exchange, but how much do you really know about what happens within the market itself? That knowledge will give them a big advantage in reporting on the market."
He said the event would also give reporters perspective on changes the NYSE is making in automation.
Adamonis said he expects about 100 journalists to participate. He declined to name specific outlets, but did say they come from print, TV, and the web. "All major business financial properties are represented."
The NYSE sent out the invitations to its general media list.