NYSE Euronext, Inc. (NYX: Quote), parent of the New York Stock Exchange, said Sunday that it will suspend physical trading floor operations beginning Monday, October 29, in response to the impending approach of Hurricane Sandy.
The company will, instead, trade all NYSE-listed securities on its fully electronic exchange, known as NYSE Arca.
The company said it has taken the decision as part of its contingency plans, after New York City and State officials declared a state of emergency in response to the hurricane.
Hurricane Sandy, with a breadth of 800 miles, is said to be approaching the New Jersey coast, Washington, D.C., and New York City early this week.
NYSE Euronext said that activity on the NYSE MKT exchange, formerly known as Amex, will be suspended during this period. The re-opening of physical trading floor operations will be subject to determinations by city and state officials and local conditions. NYSE Euronext said it will provide updates on re-opening of physical trading operations.
Duncan Niederauer, Chief Executive Officer of NYSE Euronext said, "We are open for business and at the same time acting in accordance with actions taken by the city and state of New York. We have been in discussions with government officials and regulators, our trading floor community, issuers and other customers."
NYSE Euronext said that while the NYSE Amex Options trading floor in New York will be closed, electronic trading on NYSE Amex Options will continue normally. NYSE Arca Options will also be operating normally, both electronically and on the physical trading floor in San Francisco, California.
The company said its contingency plan was most recently tested on March 31, 2012, and allows for uninterrupted trading in NYSE-listed securities in the event the physical trading floor is not available.
The New York Stock Exchange last suspended physical trading floor operations on Friday, September 27, 1985 due to Hurricane Gloria, during which all U.S. markets were closed.
Separately, CME Group Inc. (CME: Quote), operator of the CME as well as the New York Mercantile Exchange or NYMEX, said that the New York trading floor will be closed on Monday, October 29.
The company said all of its electronic markets will be opened at their regularly scheduled times on CME Globex and CME ClearPort, its online electronic platforms.
NYX closed Friday's regular trading at $24.84, up $0.08 or 0.32 percent on a volume of 2.05 million shares. CME closed trading at $55.42, up $0.42 or 0.76 percent on a volume of 1.98 million shares.
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by RTT Staff Writer
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