NYSE falls back on open outcry

It's hard to believe that the NYSE's SuperDOT system has been replaced-after 25 years. There was a day--it doesn't seem that long ago, but I guess I'm older than I want to admit--that it was being hailed as a prime symbol of the exchange's commitment to technology. Anyone recall what the DOT stands for?

The system has been replaced, but the transition was not glitch free. Last month, the NYSE launched its new system, developed by NYSE Arca, that processes faster and can accommodate large orders. According to Bloomberg, transactions are now executed in 5 milliseconds, down from 350 milliseconds in 2007. But just before the July 4 break, there were technical problems, that started in the morning with handheld computers and culminated at 3:30 pm, just in time for the close. The exchange was forced to resort "to closing stocks the old-fashioned way, calling out bids and offers through so-called open outcry trading," according to Bloomberg.  

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