What is the New York Stock Exchange doing to address this coalescence of these trends?
• Because technology, more and more, has become the core facilitator of how an exchange conducts business, the NYSE Group is deploying technology to allow more automatic trades, while still preserving the value of the auction system and the liquidity of the NYSE model. It is deploying software and tools for risk assessment, trend analysis, and data mining, to better assist floor brokers and specialists by putting more knowledge into their hands. • It is trading new instruments derivatives, options, and futures. The NYSE Group merger with Archipelago Holdings to form NYSE Group is a recent example of movement in this direction, creating a diverse platform for trading listed and over-the-counter equities, options, and other derivative products including ETFs. All of this carries with it challenges for NYSE Regulation vis-a-vis market integrity and investor protection. • It challenges us in areas such as market surveillance, and raises questions over the limits to national regulation in a
