'Hybrid Market' Spurs Specialists' Layoffs

EXCHANGE TECHNOLOGIES

NEW YORK—Specialist firms may be joking that the New York Stock Exchange's (NYSE) Hybrid Market electronic transaction system actually stands for "Have Your Bags Ready In December," but analysts say that it's still too early to determine how Hybrid is currently affecting the specialists, though they acknowledge that layoffs are inevitable.

"Whether or not Hybrid is successful, most expect firms to downsize a bit," says Sang Lee, an analyst with market researcher Aite Group. "Hybrid has been

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