When Kenny Polcari started out at the New York Stock Exchange, “It was paper and pencil until the turn of the century,” he said.
The exchange started to introduce handheld computers in the late 1990s, but it was only in beta, not full blown yet. Everyone was preparing for Y2K. When Y2K happened and the technology didn’t fail, Polcari said, there was a push on the industry to move forward with modernization. They converted all the stocks over to decimals alphabetically, one at a time, over a six-month period, starting with the stocks named A to D.