A word about Dick Grasso, the deposed NYSE chief, that you may not read anywhere else. It has been talk for the last five or so years at brokerage firms that the NYSE should change its name to MGM, meaning Morgan (Stanley), Goldman (Sachs), Merrill (Lynch) because they were actually running the place for their own benefit from "upstairs" with the help of Mr. Grasso. You are going to see huge changes now.

First you will see "fills" that are better. This is the term used for the price you pay for a stock. You will find you get a price closer to what you want because the big three will no longer dominate trading. Next you will see the end of the century old "specialist" system. Those people will be replaced by electronic trading. Grasso was not a crook but he represented the "old" way of doing things. The NYSE is almost the last exchange in the world to still trade with paper and not bytes. Customers, except for those at MGM, will benefit as will the Exchange in the long run. You will see more volatility with electronic trading because nobody will be there to "interfere" with trading with the specialists gone.