Skip to main content

News | US | Business: New York Stock Exchange trading floor to reopen

4-5 minutes - Source: BBC



A trader wears a mask as he works on the floor of the New York Stock Exchange. Image copyright Reuters
The New York Stock Exchange (NYSE) is set to reopen its trading floor on Tuesday after a two-month closure due to the coronavirus pandemic.
But the exchange is likely to look and feel very different as new rules come into effect.
The NYSE is one of the few bourses to still feature floor trade - most have shifted to fully-electronic trading.
New York City has been hit hard by the outbreak with some 200,000 cases and more than 20,000 deaths.
Under the new measures only a quarter of the normal number of traders will be allowed to return to work.
Traders must also avoid public transport, wear masks and follow strict social distancing rules, with newly fitted transparent barriers to keep people apart.
They will also be screened and have their temperatures taken as they enter the building. Anyone who fails pass the check will be barred until they test negative for Covid-19 or self-quarantine in accordance with US government guidelines.
To return to their jobs, floor traders will also reportedly have to sign a liability waiver that prevents them from suing the NYSE if they get infected at the exchange.
According to the Wall Street Journal, traders will have to acknowledge that returning to the trading floor could result in them "contracting Covid-19, respiratory failure, death, and transmitting Covid-19 to family or household members and others who may also suffer these effects".
The NYSE did not immediately respond to a request for comment on reports of the waiver.

Visitor ban

The new regulations also mean that the NYSE's high-profile opening bell events and stock market debut celebrations have been put on hold as visitors are banned.
Media organisations that usually broadcast from the trading floor won't be allowed back until further notice.

NYSE president Stacey Cunningham tweeted that reopening was an important step towards restarting the US economy after lockdowns across the country.
"For the trading floor community it supports their small businesses, which have been challenged by the temporary floor closure. And for our economy, reopening our trading floors offers a path to reopening that other businesses in densely populated areas may choose to follow."
The exchange's trading floor was closed from 23 March and temporarily moved to fully-electronic trading as a precautionary measure to help protect workers.
The 228-year-old exchange last closed its doors on 29 October 2012 due to Hurricane Sandy. The NYSE also shut for four sessions in the aftermath of the 9/11 terrorist attacks in 2001.
For most people outside the financial services industry the NYSE's trading floor is a rare glimpse into the seemingly opaque workings of the global markets as well as being a colourful setting for companies to showcase their stock market debuts.
NYSE, which is owned by Intercontinental Exchange, is the world's largest stock exchange in terms of the total market capitalisation of listed companies.

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in