While banking is still shielding its eyes from the brilliant light of the Internet, the NYSE is embracing the benefits of social media.

The New York Stock Exchange has moved into The Cloud by launching Connect, a new social network that contains blogs, webcasts, survey results, product profiles and even an ideas forum.

Is this just a “suck it and see” campaign to bolster morale on Wall Street?

Joe Mecane, NYSE Euronext’s US Execution Executive Vice President and CAO says not. “Our customers want new pathways to access information and share ideas, to connect with stakeholders and to drive incremental business and revenue.”

Well said, Mr Mecane. I couldn’t have described social media better myself

The Bull crashes into a new field

Mecane sees NYSE Connect as a whole new collaboration medium for partners and customers “leveraging technology and information for the benefit of our world class family of listed companies, providing this community a content rich forum, advanced networking capabilities and new commercial opportunities unrivalled by any other marketplace.”

New York’s new ideas exchange

The site, created by LA social network software company Passenger will be available exclusively to NYSE and listed AMEX companies and is a major new strategy for Wall Street. It will be closely-coupled to NYSE Euronext’s corporate website.

Connect will be a real opportunity for participating companies to collaborate and share ideas and best practices. But its not just a showcase for the NYSE, its intended to be monetised from day one.

NYSE Alliance Network listed members will be able to offer products to each other at a 20% discount through the new site.

Rich Media Content

The site will provide a rich user experience. For example, Profile of the Week will showcase a listed company each week, with marketing messages, investment information and other relevant company data.

An exchange for the 21st century

By leveraging the rich information each member holds, NYSE Connect will bring a powerful new resource to Wall Street. And you never know, Wall Street’s embrace of social networking and the power of the new Web may give be the wake up call our banks need.

They could actually realise they’re in the 21st century, too…