The New York Stock Exchange plans to close its trading floor as Hurricane Sandy approaches, in its first weather-related closure in 27 years, and instead conduct trading operations through its electronic market.
Traders can continue to trade on the NYSE's Arca exchange, using a contingency plan that the exchange last tested in March. The electronic markets for options trading will also open for business as usual.
Clients should not notice any differences in the way their orders are executed, Duncan L. Niederauer, the chief executive of NYSE Euronext, said by telephone on Sunday.
“It should be pretty seamless,†he said.
The Nasdaq stock market, which has long relied on electronic trading, will continue to operate normally on Monday. The CME Group, which operates the Nymex commodities exchange, said that it will close its physical trading floor on Monday, though trading will continue on its electronic trading platforms.
The closure of the Bi g Board's physical floor at 11 Wall St. is the first related to weather since Hurricane Gloria in September 1985. The opening of trading has been delayed a number of times, including during a blizzard in January of 1996.
Since then, the New York Stock Exchange has adopted electronic trading that allows the market to continue even if the famed floor of brokers barking out orders is closed.
Mr. Niederauer that the decision was made after consulting with city officials, clients, regulators and other exchanges.
“With everything else the city was doing, I think it was a fairly easy decision,†he said. “We all agreed that it was not sensible to ask peope to find their way to 11 Wall St.â€
