Oct 30 NYSE Euronext said it is
preparing to implement a new contingency plan to help resume
stalled U.S. equity trading, and added that its famed trading
floor is not yet damaged by Hurricane Sandy.
Under the plan outlined late on Monday, all trading in
NYSE-listed securities would be executed on the Arca exchange,
NYSE said in a notice issued to traders.
NYSE Arca will offer firms the ability to test the opening
and closing auctions on NYSE Arca on Tuesday from 8 a.m. Eastern
Time (ET) until 12 noon ET, the exchange said. ()
Opening auctions will run at 9:30 a.m. ET and closing
auctions will run at 12 noon ET, the exchange said.
"We stress that, as of now, there has been no damage to the
NYSE Euronext headquarters that would impair trading floor
operations," NYSE said in the notice.
The contingency plan was described as "precautionary" given
the unpredictability of the storm that has flooded parts of New
Nasdaq OMX said in a trader alert late on Monday it would
operate its production system in a testing capacity from 7:30
a.m. to 12 p.m. ET. ()
In the event that the markets are able to open on Wednesday
but the NYSE headquarters and trading floor in lower Manhattan
are unavailable for trading, NYSE Arca would open and trade Tape
A equities as usual.
NYSE and the smaller NYSE MKT would remain closed as per the
U.S. stock markets will be closed for a second day on
Tuesday, as Wall Street turned its attention to whether markets
would be able to resume functioning on the month's final trading
day on Wednesday.
Wednesday is a key trading day because it marks the end of
the month, when traders price portfolios.
U.S. stock markets closed on Monday due to weather for the
first time in 27 years. Bond markets closed early, at noon, as
winds and waves from Hurricane Sandy lashed the Eastern
The NYSE had said on Sunday it planned to close its trading
floor and to move all trading to its electronic market. It
backtracked on that idea after traders and regulators expressed
concern about moving everything to the all-electronic venue, a
plan tested on March 31 but never used live, given the
difficulties and low staffing levels due to the storm.
With New York still to feel the full impact of the storm
Monday evening, fears remained that wind damage and possible
power outages could test the ability of markets to reopen.