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NYSE set to shut trading floor Monday, keep electronic trading open

October 28, 2012|By Chad Terhune
  • A worker puts plywood over sidewalk grates in Lower Manhattan as Wall Street prepares for Hurricane Sandy.
A worker puts plywood over sidewalk grates in Lower Manhattan as Wall Street… (Craig Ruttle / Associated…)

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."

NYSE said the reopening of the trading floor would be subject to weather conditions and actions by city and state officials.

The company said it tested this contingency plan for uninterrupted trading in March.

NYSE last suspended physical floor trading in 1985 due to Hurricane Gloria. The stock markets were completely closed for four days after the Sept. 11, 2001, terrorist attacks.

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