All Exchanges Decide To Close On Monday Because Of Sandy And Will Likely Be Closed On Tuesday, As Well

Monday, October 29, 2012 07:17
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All Exchanges Decide To Close On Monday Because Of Sandy And Will Likely Be Closed On Tuesday, As Well

Tags: investing | markets | NYSE

All major trading floor exchanges will be closed today because of Hurricane Sandy.
 
At first, it had been decided that trading would be relocated to Arca, an electronic trading platform operated by NYSE’s parent company, NYSE Euronext. But a late Sunday meeting resulted in a decision to shut down all trading floors in advance of the storm.

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The CME Group, the world’s largest commodities trader, will close its New York commodity trading floor because it is located in one of the evacuation areas of the city.
 
The NYSE has not been closed since the September 2011 attacks. Late Sunday night, the BATS Global Markets and Nasdaq OMX Group also decided to close.
 
At first, it had been decided that trading would be relocated to Arca, an electronic trading platform operated by NYSE’s parent company, NYSE Euronext. But a late Sunday meeting resulted in a decision to shut down all trading floors in advance of the storm.
 
One concern was that a partial close would be too complicated—that it would be too difficult for customers to recode their systems Sunday night to route orders away from a major exchange.
 
It’s likely markets will remain closed on Tuesday. The closing of the markets is the result of uncertainty about the safety of employees of the exchanges and the difficulty of morning commutes delayed by the storms.
 
Fears were that engineers and technology people would not have enough time to adequately test systems before the market opened as a result of the commuting delays caused by the storm.

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