Trading and Exchanges Chapter 27: Floor Trading vs Electronic Trading Systems
Chapter 27 is a fascinating time capsule. Harris wrote this around 2003, when the debate between floor trading and electronic trading was still alive. The NYSE was building a new trading floor. The Chicago exchanges were still mostly pit-based. Reading it now, knowing how completely electronic trading won, is like reading someone in 1995 carefully weighing the pros and cons of email versus fax machines.