Tuesday, October 30, 2012

New York Stock Exchange to Reboot Wednesday

Posted By on Tue, Oct 30, 2012 at 3:56 PM

Conditions permitting, U.S. financial markets will reopen on Wednesday morning after Hurricane Sandy forced exchanges to close for two days, the longest weather-related shutdown in more than 100 years.

Reuters reported late today that the operators of the New York Stock Exchange, Nasdaq Stock Market and BATS Exchanges planned to open as usual.

"We are shooting hard to open tomorrow and fully expect to do so, but lots of firms are going to have either connectivity problems, or other things, so we are urging all firms to get out there and test their back-up," NYSE Euronext Chief Operating Officer Larry Leibowitz told Reuters.

The NYSE also issued a statement confirming trading “will commence on the New York Stock Exchange at 9:30 a.m. under normal opening procedures.”

Wednesday is an important day for financial markets because it marks the end of the month, when traders square their books.

The floor and building of the NYSE were spared by Hurricane Sandy, which left a trail of destruction in the city and along the East Coast after making landfall Monday night.

It was the worst storm to hit the city since at least 1938, and it was the first time U.S. financial markets had had an unplanned closure since the Sept. 11, 2001, terrorist attacks.

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