NYSE Rolls Out Hybrid Training Program

The New York Stock Exchange (NYSE) has started a Hybrid training program for its members that will continue through the spring.

If approved by the Securities & Exchange Commission, the NYSE’s Hybrid market will begin rolling out toward the end of this year. The goal of the program is to educate the investment management community on how the Hybrid system will work. It eventually will include hands-on elements that allow traders to test the system and get comfortable using it, notes an NYSE spokesman.

As part of the educational program, NYSE executives will make presentations to the investment management community in various cities. “There is a wide range of new information associated with the Hybrid market that needs to be understood by the investment management community,” the spokesman says.

Other exchanges, such as the Chicago Mercantile Exchange (CME), offered training programs during their transitions to hybrid markets. The CME also has an on-site-trading lab to teach pit traders how to trade electronically.

The NYSE has plans to introduce a training lab for traders to practice using the system before it goes live; however, that won’t be available until the system is approved and completed, the exchange’s spokesman says, adding, “The lab is in the works.” He could not provide further details, and Peter Jenkins, NYSE’s SVP, Institutional Client Group, who is overseeing the training program, was not available for comment at press time.

So, for now, the training consists of speeches about the Hybrid and weekly e-mails that tell the market what’s coming. The spokesman adds, “Each week the e-mails will focus on something different, such as how does a sweep work? What’s liquidity replenishment?”

There are many new glossary terms that will be explained, he adds.