As Hurricane Sandy approaches, the New York Stock Exchange said it plans to shut its trading floor Monday and shift all trading to an electronic exchange.
NYSE Euronext said it made the decision Sunday after public officials declared a state of emergency in the New York area and issued evacuation orders near the exchange's trading floor. Earlier in the day, NYSE officials had vowed to stay open.
The company said all NYSE-listed securities would be traded on NYSE Arca, its fully electronic exchange. Electronic trading on the Nasdaq Stock Market is expected to proceed as usual Monday.
"We are open for business and at the same time acting in accordance with actions taken by the city and state of New York," said Duncan L. Niederauer, chief executive of NYSE Euronext. "This is an extremely dangerous and unpredictable weather event."