Updated from 7:11 a.m. ESTWall Street's old boy network will die another death Wednesday, but it's still too early to pronounce the species extinct. With Richard Grasso still hectoring from backstage, the New York Stock Exchange takes a giant step into the future with its debut as a publicly traded stock and shareholder-owned institution. The NYSE Group will begin trading this morning on -- where else? -- the New York Stock Exchange, under the symbol NYX. After 213 years as a nonprofit, member-owned exchange, the Big Board emerges from its merger with Archipelago as a power that even its adversaries would concede still commands respect. Among other things, the exchange will be the site of fully half of all U.S. stock transactions, according to Morningstar. Still, not everything is solved by the coming of the stock, which is being effected through a reverse merger that has enriched existing seat-holders. For one thing, Grasso, the antic former chairman who was ousted in 2003 when his $193 million pay package came to light, refuses to stop making news. He was reportedly deposed for several hours Tuesday by lawyers for New York Attorney General Eliot Spitzer, who sued Grasso in 2004 seeking the money's return. Grasso told reporters that it's "way too late" to settle the complaint. John Thain, the current chairman of the NYSE, has so far made good on his promise to change the Big Board's bad ways, of which Grasso's pay was just the most noticeable symptom. Scandals in 2003 revealed that the position of specialist firms who conduct trading on the floor of the Big Board was riddled with conflicts. Not only the specialists, but the system that feeds them has been fodder for critics. The NYSE has to this day remained committed to an archaic system of trading -- the open-outcry auction -- while most of the rest of the world has embraced the all-electronic format that goes on at the Nasdaq. Archipelago will go some of the way to altering that.