The New York Stock Exchange (NYSE) is introducing a videotape trading-surveillance program next year, as it ups the stakes to put a stop to any dodgy dealing. And, who knows, this could catch on.
The videotaping scheme, which will be launched in the second quarter next year, will result in traders being monitored from around 20 locations on the floor of the exchange (just like a casino!). The initial pilot will run for 18 months. Although the exchange will undertake some routine random monitoring, the videotaping system will be used, in the main, once a problem has already been flagged up.
Finally, NYSE has come in for some stick as it axed 60 employees in the last few days - just a couple of weeks before Christmas. Those who lost their jobs are all thought to be fairly long-serving clerical workers. The New York Post quotes an unnamed floor broker, who said that the NYSE 'confiscated their badges and escorted them from either their offices or the floor - like they were criminals'. And a Happy Christmas to you, too!