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Callling John Thain!


Thanks Marv!


Note: We've posted a communication link to the NYSE for Minyans to express their thoughts regarding the proposed 8:30 AM opening for the NYSE. We share this letter with the hopes that more Minyans take the time to be heard.


I cannot express strongly enough my displeasure at the notion of your opening at 8:30 AM EST rather than the current 9:30 AM. As a portfolio manager with many years in the business, and an enormously diverse client base, I already feel that there are too few hours in the day to properly serve my clients. To serve them well, most of my waking hours are devoted to the research and analysis that drives my investment process. Very little of the time is actually spent in executing trades.

I can assure you that not one share of incremental trading activity will emanate from my portfolios as a result of your extending your business hours. I can also assure you, though, that my support staff, and that of countless other participants in your market, will find their lives materially diminished as a result of this ill-conceived notion.

With modern trading systems and methods, a reasonable argument could be made that you should actually SHORTEN the hours to everyone's benefit, rather than lengthening them. I feel strongly that reducing the trading hours would be met with a far warmer welcome than your current proposal, and would give the NYSE a chance to show its human side in a way that would bring great credit to the exchange.

In a time of ECN's and computer-based trading platforms, the NYSE stands proud as a "human-centric" model in a microchip environment. What better way to highlight that great contrast between the NYSE and its competitors than to institute an enlightened humanistic change that would be the delight of hundreds of thousands of financial professionals and their over-burdened staff. One can scarcely imagine the good will that such a policy would generate.

Please give this your most serious consideration. It's rare that any large institution has a chance to not only stop a poorly conceived foray into bad territory (remember "new" Coke?) but also can simultaneously launch a new initiative with such tremendous utility and appeal. This is unquestionably your chance to do just that.

Best regards,

Minyan Marvin


No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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