Sunday November 29th, 2015 6:06PM

NYSE to trade electronically Monday, shut floor

By The Associated Press
NEW YORK (AP) - The New York Stock Exchange and the NYMEX are shutting their trading floors in New York Monday as Hurricane Sandy bears down on the Big Apple.

But trading will continue electronically on both exchanges.

NYSE Euronext said Sunday it is putting in place its contingency plans beginning Monday and will announce later when the trading floor will reopen.

The New York Mercantile Exchange, a commodity futures exchange, also will be shutting on Monday its trading floor which is located in a mandatory evacuation zone. The CME Group, which owns NYMEX, said all electronic markets will open at their regularly scheduled times.

The moves come as Hurricane Sandy causes the shutdown of transportation systems throughout the region. Governor Andrew Cuomo said New York City's subways and buses will shut down Sunday evening. New York City Mayor Michael Bloomberg ordered residents to evacuate some low-lying areas Sunday and said city public schools will close Monday.

Trading can still go on even without people yelling orders to buy and sell across the floor of the exchange because many orders on the NYSE are already handled electronically. On Monday, securities normally handled on the NYSE will shift to the purely electronic NYSE Arca.

The servers that handle all of the exchange's transactions are housed in Mahwah, N.J.

Trading has rarely stopped for weather. A blizzard led to a late start and an early close on Jan. 8, 1996, according to the exchange's parent company, NYSE Euronext. The NYSE shut down on Sept. 27, 1985 for Hurricane Gloria.

Since the Great Depression, the longest suspension in trading at the NYSE occurred after the attacks on the World Trade Center on Sept. 11, 2001, when the exchange closed for four days.

Sandy, a Category 1 hurricane with sustained winds of 75 mph as of Sunday afternoon, was blamed for 65 deaths in the Caribbean before it began churning up the Eastern Seaboard. It was expected to hook left toward the mid-Atlantic coast and come ashore late Monday or early Tuesday, most likely in New Jersey, colliding with a wintry storm moving in from the west and cold air streaming down from the Arctic.

Forecasters said the monster combination could bring close to a foot of rain, a potentially lethal storm surge and punishing winds extending hundreds of miles outward from the storm's center. It could also dump up to 2 feet of snow in Kentucky, North Carolina and West Virginia.
  • Associated Categories: Business News
© Copyright 2015
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Fiscal cliff may determine gas prices at start of 2013
Retail gas prices climb as 2012 comes to end. While gas prices are likely to rise into next year, whether or not a deal is made to avoid the fiscal cliff will determine if prices continue on an upward trend.
6:18AM ( 2 years ago )
Business News
Appalachian Parkway in Cleveland now open
An official grand opening and road-naming ceremony was held Tuesday afternoon for the State Route 11/US 129 North Appalachian Parkway in Cleveland, previously known as the Cleveland Bypass.
By Dean Dyer
9:45PM ( 4 days ago )
Stormwater program and fees await Gainesville City Council vote
The Gainesville City Council plans to vote next week on the creation of a Stormwater Management Program and implementation of fees to fund it.
2:07PM ( 5 days ago )
Syfan Logistics expanding its over-the-road fleet
Syfan Logistics plans to expand its over-the-road fleet of Syfan Transport trucks in the coming year as part of an increasing effort to better serve its shipper customers.
By AccessWDUN staff
12:07PM ( 5 days ago )
Hall Co. tag renewals will be handled differently in December
Hall County residents ready to renew their tags this December will not recieve the standard renewal notice from the Department of Revenue (DOR).
2:10PM ( 6 days ago )
Baldwin prepares for new city hall, razing of old downtown buildings
Change is in the works for downtown Baldwin.
3:02PM ( 1 week ago )