The human-based system used by the New York Stock Exchange should be eliminated in favor of an electronic system similar to that used by Nasdaq, Fidelity Investments told the Big Board Monday, The Wall Street Journal reports.

The specialist system, which the NYSE has used for more than two centuries, involves floor traders acting as the middleman for buyers and sellers. It is the only major stock exchange currently using that type of system. But Scott DeSano, who heads global equity trading at Fidelity, the nation’s largest fund company, said in an interview with the Journal that computers should be doing the business.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.