Is this the final nail in the specialist system's coffin? The NYSE has received approval to add all its stock to its hybrid system, which means that all NYSE-listed stocks will be available for electronic trading. Customers can still choose to go through the specialist system if they think it can get improved prices. This is an important step, as the Nasdaq has been nibbling away at NYSE-listed-stock market share. One question is how fast all-electronic volume will rise, which is another way of asking how much volume the specialists will retain. This is an open question. A related issue, much broader, is how much volume will the big banks keep among themselves. These issues are still very murky right now. But you have to give the Big Board credit for moving quickly in the John Thain era.

For more on the NYSE:
- here's an update from the AP