Great article re: Reg NMS

This article is a great read: http://tinyurl.com/5xcvu. It covers the revisions of Reg. NMS and does a fairly good job explaining why creating a more open marketplace could potentially make floor brokers obsolete. To be sure, there are plenty of large institutions that employ floor brokers and they will fight this tooth-and-nail.

The article also explains that the leaks regarding NMS's revisions indicate the potential for the NYSE so-called hybrid system obsolete. Again, the question arises, will exchanges build or buy? If they choose the latter, what other system exists like ArcaEx that would make for an off-the-shelf compliant stock exchange system?