The stock exchanges will be quiet for a second straight day due to weather conditions for the first time in over a century. The NYSE’s parent company, NYSE Euronext, will test a back-up plan this morning in case the exchanges are still unable to open on Wednesday.
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Ninety-mile per hour winds and surging sea waters shut down America’s financial capital for the first time since 1888. The 900-mile-wide storm left a minimum of 316,500 without power and damage is expected to top $20 billion.
At this writing, exchanges are scheduled to open October 31. CME Group Inc. opened for trading of index-equity futures and options. The NYSE and Nasdaq will close trading in all assets today.
The CME said trading in interest-rate futures including Treasuries, Eurodollar, and Federal funds products will resume normal trading hours today on both the floor and Globex platform.
Trading on the Chicago Board of Options Exchange and the CBOE Futures Exchange will be closed today. CME Group Inc. will issue an update if it is necessary to close on October 31.
The Arca system, the NYSE’s electronic trading system, will be the alternative system for the NYSE if the exchange remains closed tomorrow. Firms will be able to test the Arca system between 8 a.m. and noon today, October 30.
Exchanges run by Direct Edge Holdings LLC in Jersey City, NJ and BATS Global Markets Inc. in Lexena, KS will also be closed today.
Fund managers will need to conduct end-of-the-month trading on October 31
so provisions for opening on Wednesday are important.