Whether the American Stock Exchange's plans for a part-open-outcry, part-electronic model will satisfy the rule remains to be seen.
Nasdaq claims to have pioneered the electronic trading model in the late 1970s, paving the way for the emergence of electronic communications networks, or ECNs, in the last decade.
New regulations by the Securities and Exchange Commission are also prompting the need to move to a more electronic trading model.
The NYSE has been under pressure to become more of an electronic-trading model and ditch its centuries-old floor auction model.
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Netflix stole the market from Blockbuster by shifting the paradigm to video by mail and then innovated again by creating competition to its own model through electronic distribution.
Keiser, undaunted, added more Electronic Arts to the model portfolio.
The ongoing role of the floor traders and specialists is still a matter of debate, but the planned Archipelago transaction has boosted optimism that at least the NYSE is heading into the future with a more competitive, electronic-oriented business model.
Now the NYSE itself has gone public, and Thain is replacing its antiquated floor-trader model with the electronic wave he pushed at Goldman.
"Amazon and other Internet retailers have done away with the electronic brick-and-mortar sales model, " says David Walter, president of Halberstadt Financial Consultants, an investment firm in Princeton, N.
Thain has attempted to work out a hybrid model that promotes greater use of electronic trading, especially among the most liquid stocks, while preserving a role for the floor.
It does give Nymex, which is planning on an initial public offering later this year, a critical boost in electronic trading to complement its traditional open-outcry floor-trading model.
To some, this may call to mind the Blockbuster ( BLOAQ) experience, where the once king of video succumbed to a rival with a different business model, Netflix ( NFLX), and technological change (electronic delivery) that seems more compatible with the way its rival does business.
On Tuesday, floor traders wound up the day processing orders manually, using paper, pencil and in some cases white board to keep track of buy and sell orders, instead of using the electronic trading system that is supposed to be the show-piece of the hybrid model.
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