How do critics think the specialist system on the NYSE might be improved?

Question

How do critics think the specialist system on the NYSE might be improved?

Answer 1

Many outsiders think it archaic, but it is efficient in it's own way and provides a very special function.

Many feel that going all electronic, like other exchanges is a much better way to go, but the specialist system with the help of the market makers provide a very valuable function and support themselves and the market with very large amount of capital that some of the electronic exchanges can not have

Many outsider complain mostly because they are not part of the system, and believe they can do it better.   As long as the members are satisfied with, that's all that matters,

Yes improvements can be made, evey one feels they can do it better.   But when they have to work around the politics of the organization, and the regulations imposed by the SEC they realize that many change can't be made and it's best to be left alone

Answer 2

Eliminate it.  It is an anachronism that allows a few established brokers to skim money off of passing transactions.

The NASDAQ system of electronic trading and multiple market makers competing is a much better system.