Let's take a step back in time.
Stephen "Sarge" Guilfoyle, a Real Money contributor, was a trader on the Floor of the NYSE for 30 years.
Guilfoyle weighed in on what he's proudest about when it comes to the NYSE and how the exchange has changed over the years.
"I understand that in today's market, everything's algorithmic. Everything's bang, bang, bang. Microseconds, milliseconds are too slow, all that. But in the old days--people might not believe this and it wasn't that long ago. There would be crowds, a centralized point of sale and ongoing two-sided auction out loud. You don't speak up, you don't buy anything, you don't sell anything. But you were represented at a central point of sale, best bid, best offer," explained Guilfoyle.
"There was no trading on some 38th market at a different price. And you know what, if you did go to Boston or the Midwest to get something on the tape, your client wanted to know why it didn't print [at the NYSE], because if it didn't print [at the NYSE], [they felt that they were] getting picked off," he continued.