“we expect strong industry-wide trading volumes, in an environment punctuated by changing economic conditions and geopolitical tensions.”
Jon Herrick is the NYSE’s Chief Product Officer.
What was the highlight of 2023?
One of our greatest achievements this year was successfully migrating our final exchange, NYSE American Options, to NYSE Pillar, one of the world’s most powerful, deterministic and resilient exchange systems. This massive technology upgrade follows last year’s successful migration of NYSE Arca Options and marks the completion of the multi-year migration of all our NYSE Group equities and options exchanges to Pillar. Throughout this process, we have worked very closely with our members, and I’m grateful to all those who came together to effectively achieve this milestone.
What were the key theme(s) for your business in 2023?
2023 was a year of growth supported by technology enhancements. With all our exchanges now operating on a single code base, we have seen record volume and message traffic across both our equities and options exchanges. The options market itself experienced strong growth again in 2023. Powered by our world-class Pillar technology, NYSE Arca Options extended its lead as the No. 1 exchange in U.S. options Multi-list electronic volume. Our equity business performed very well, increasing the NYSE Group’s share of U.S. equity volume traded on SEC-registered exchanges. In addition, we saw growth this year in our opening and closing auctions, arguably the most meaningful liquidity events every day in U.S. equities, driven in large part by ongoing enhancements to our floor-broker technology.
What are your expectations for 2024?
Like 2023, we expect strong industry-wide trading volumes, in an environment punctuated by changing economic conditions and geopolitical tensions, to continue into the New Year. The NYSE is constantly evolving to meet the needs of market participants, and now that we have finished building our Pillar platform, we can turn to the next chapter in its evolution. One area of focus is performance optimization, to ensure our markets operate as smoothly and efficiently as possible for our members and their clients.
