Some NYSE Traders Take a Seat, Finally
By Kristina Peterson
The New York Stock Exchange opened the first phase of its revamped trading area for floor brokers, giving some veteran traders the opportunity to sit down for the first time in their careers.
A spot on the New York Stock Exchange long has been called a "seat" in common parlance. But, in reality, many floor brokers work out of cramped, wooden booths with few actual chairs available. As part of a roughly $10 million renovation that began in July and is expected to wrap up by the end of this year, the stock exchange is building 200 new individual broker stations, with curved glass walls, brighter lighting and, most important, chairs.
"There are guys on the trading floor that for the first time in their career, they have seats," said Bernie McSherry, senior vice president at Cuttone & Co., the first company to move into the renovated area. "They're very excited about it."
