A hybrid market allows a stockbroker to either have his order executed immediately in a fully automated electronic exchange, or to have it routed to the trading floor where it is completed manually via the more traditional live auction method in the presence of a specialist broker. The fully electronic method has the advantage of speed, often completing orders in less than one second while comparable manual transactions take an average of nine seconds. However, the live auction method differentiates itself with the human interaction and expert judgment of the specialists, though they are currently seen as obsolete since most customers seem to prefer speed, and the NYSE is working to redefine the role these specialists play in the market. The NYSE is seen as the world's premier example of a hybrid market.
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