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Letter from the Editor

Free to Trade

The name of Richard Grasso and the New York Stock Exchange will always be indelibly linked. Grasso, the former head of the NYSE, was recently exonerated of charges that his rich compensation package was ill-gotten. It is both timely and coincidental that this month's cover story and another feature are New York Stock Exchange-related. The cover story outlines how specialists are getting new rules that would both lessen trading restrictions and grant new freedoms to trade. Peter Chapman reports that the NYSE will need to set the best price more often to increase its dwindling market share. In a separate story, readers can also get a look at how floor brokerage firms have been remaking themselves. Many are going into new areas, such as derivatives and program trading. Both the specialists and the brokerage firms have their work cut out for them. But not Grasso. He is set and can keep his $139.5 million compensation award since the State of New York dropped the case.