NYSE’s trading system gets set for speedy make over

The iconic New York Stock Exchange is at long last upgrading the systems of its flagship trading venue, according to a report by The Wall Street Journal

As per the report, the upgrade — dubbed Pillar — will be implemented over the next three weeks in different phases. The upgrade, which aims to improve processing speed for NYSE-listed stocks, could help it regain market share among the crowded market for alternative trading systems and exchanges. 

The goal is to bring the processing time down from an average 120 microseconds to 40 microseconds, according to The Journal. NYSE's market share has dipped from close to 40% of U.S. equity trading in 2008 to around 22% in 2019.

The roll-out of Pillar has been in the works since 2015, but a number of, mostly minor, glitches has pushed its full implementation back.

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Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]