Specialists to come back to life as market makers

Well, we have been speculating for some time about the ultimate end of NYSE specialists, how the exchange would actually shut the floor down. The floor had been in decline for decades and the final push to extinction was at hand. As it turns out, specialists will die, but will immediately be reborn as market makers--a shrewd move. Early reviews of the new system have been good. Any why not? The new market makers will be empowered to become legitimate liquidity providers, though they will retain some of the old obligations at times of imbalances, such as openings and closings. In exchange for being denied the "first algorithmic look," they will be freed to trade competitively with upstairs firms. Who knows, this might even attract new market makers. These are all good things. We'll have more on this and some of the big changes underway at the NYSE soon.  

For more:
- here's the exchange's take