Specialists and floor brokers, in direct contact on the trading floor, are at the heart of operations at the national U.S. equity exchanges. At the other end of the spectrum, electronic trading platforms characterize most other equity markets globally. Why have we not followed the international trend, and should we? Can the unique services offered by the floor be provided as effectively in an electronic environment? Which environment would institutional and retail traders each find most suitable to their special needs? These are some of the questions that will be addressed. In so doing, <EM><STRONG>Electronic vs. Floor Based Trading</STRONG></EM> will provide perspective on the future direction that exchange market structure is likely to follow in the coming years.</P>
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