The Hybrid Theory


Specialist firms may be joking that the New York Stock Exchange's Hybrid Market electronic transaction system actually stands for "Have Your Bags Ready In December," but analysts acknowledge that layoffs are inevitable.

"Whether or not Hybrid is successful, most expect firms to downsize a bit," says Sang Lee, an analyst with Aite Group. "So far, I haven't really heard anything significant, but we won't see the full impact on the specialist firms until Hybrid finally launches."

This fall, NYSE

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