Markets Closed Due to Weather For Consecutive Days For FIrst Time Since 1888
Press release from the issuing company
Tuesday, October 30th, 2012
In consultation with other exchanges and market participants, NYSE Euronext will close its markets in coordination with all U.S. equities, bonds, options and derivatives markets on Tuesday, Oct. 30, 2012. This follows the closure of U.S. markets on Monday, Oct. 28, 2012. We intend to re-open our U.S. markets on Wednesday, Oct. 31, 2012, conditions permitting.
Originally, the NYSE hoped to shift today’s trading to its electronic NYSE Arca exchange, which is not based near New York. The Nasdaq, already an electronic platform, had intended to stay open as well.
Investors are excused for a bit of deja vu. Little more than a year ago, another hurricane prompted transit shutdowns, flooding worries and an evacuation of lower Manhattan. Wall Street then activated contingency plans, though flooding was not as bad as feared. Most trading firms keep alternative sites to ensure a smooth operation, while both the NYSE and Nasdaq keep their servers based in suburban New Jersey. Look for lower volume on the exchanges, though. Firms will not be running fully staffed.
The NYSE has not altered a day’s trading for weather in more than a decade. In 1996, a blizzard delayed the opening, and the exchange then closed at 2 p.m. Before that, Hurricane Gloria forced the Big Board closed in 1986. Since then, the NYSE has developed electronic trading to keep brokers’ orders flowing. The longest period of no trading: the four days following 9/11.