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Investopedia explains 'Hybrid Market'
In January 2007, the New York Stock Exchange (NYSE) became the prominent example of a hybrid market. The NYSE, one of the world's oldest major exchanges, operated for years with its system of human brokers manually making trades on the trading floor.
However, as of January 24, 2007, the NYSE moved to allow almost all of its listed stocks to become available for electronic trading. These stocks can still be traded in the traditional method on the trading floor, but brokers also have the option of trading them electronically.
The key advantage to electronic trades is speed - they take less than one second to execute, while the average floor broker trade typically takes about nine seconds.
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