The New York Stock Exchange is planning to slash its floor trading fees by 20% next year in order to boost the exchange's specialists whose traditional role has been effectively made redundant by the shift to electronic trading.

The exchange plans to reduce the licence fee for floor trading by 20%. It currently stands at $50,000 (€34,701) and NYSE proposes to cut the price by $10,000, according to a filing with the US Securities and Exchange Commission.