Facing increasing pressure to overhaul its antiquated trading system, the New York Stock Exchange has proposed reforms that could encourage more electronic trading in listed stocks.

John Thain, chief executive of the NYSE, announced last Monday that new trading rules would create a hybrid market, one that blends the strengths of the open outcry system with the speed and efficiency of an electronic marketplace. Building on its Direct Plus order execution service originally launched in 2001, the NYSE hopes to ramp up the speed of transactions while maintaining accuracy and anonymity.

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