– All US Equity Markets Closed Monday (And Maybe Tuesday) Due To Sandy (ZeroHedge, oct 29, 2012):
Late Updates – after a day of consultation and realization that if the algos were left alone to play then things could go a little pear-shaped – NYSE and NASDAQ will now be totally closed tomorrow:
- *U.S. EQUITY MARKETS TO CLOSE ON OCT. 29 FOR STORM, SEC SAYS
- *NEW YORK STOCK EXCHANGE TO CLOSE MARKETS FOR STORM
- *NASDAQ OMX MARKETS CLOSED TOMORROW ON HURRICANE SANDY :NDAQ US
- *CBOE TO CLOSE EXCHANGES OCT. 29 BECAUSE OF HURRICANE SANDY
“In consultation with other exchanges and market participants, NYSE Euronext will close its markets on Monday, Oct. 29, 2012 and pending confirmation on Tuesday, Oct. 30, 2012’’
“We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority’’
“We will work with the industry to determine the next steps in restoring trading as soon as the situation permits’’
Add to this, SIFMA’s recommendation that bond markets close at midday – which is all a little moot given MTA’s closure and tomorrow looks like being a busy day for the European desks…
– Hurricane to close Wall St on Monday, possibly Tuesday (Reuters, Oct 29, 2012):
U.S. stock and options markets will be closed on Monday and possibly Tuesday, the exchange operator said, going back on a plan that would have kept electronic trading going on Monday.
As Hurricane Sandy bears down on the New York area, regulators, exchanges and brokers grew increasingly worried about the integrity of markets and the safety of employees.
It will be the first time the market has closed for a weather-related event since Hurricane Gloria on September 27, 1985.
– Wall Street shuts for storm; trading may not resume until Wednesday (Los Angeles Times, Oct 28, 2012):
As Hurricane Sandy barrels down on the East Coast, Wall Street is shutting down.
This would be the first time trading has been halted in all U.S. stocks since a four-day stretch after the Sept. 11, 2001, terrorist attacks.
New Yorkers hunkered down amid threats of 70-mph winds and an 11-foot storm surge swiping over lower parts of the city. Although some effects were being felt across Manhattan late Sunday, the full extent may not be known for the next few days, when the storm is expected to make landfall.
The storm has triggered some of America’s biggest financial exchanges and banks to take emergency steps, including warning traders, bankers and other employees to stay home.
Goldman Sachs Group Inc., the world’s largest investment bank, told all but essential employees to work remotely. Outside its world headquarters in New York, on West Street near an evacuation zone, barricades were being installed to protect against potential surging waters.
Other companies followed suit.
Sandbags were going up in front of the Bank of America Corp. offices in the financial district, according to media reports. JPMorgan Chase & Co. closed down all its branches and offices in lower Manhattan.
American Express Co., the credit-card lender whose headquarters are at the World Financial Center, shut its offices in the tri-state area. Insurer American International Group Inc., with offices nearby, did the same.
Employees got emails such as this one from Citigroup Inc.: “All staff based in Citi facilities within mandatory evacuation zones must invoke their work-from-home strategies for Monday and Tuesday unless they are business critical,” said a memo obtained by The Times.
Major U.S. stock markets waffled about opening up for trading several times late Sunday.
The New York Stock Exchange at first said it would remain open, but only using electronic trading while closing the iconic market floor. Then the floor was closed. Then all trading was closed.
The Nasdaq, which is all electronic trading, agreed to suspend transactions. Smaller exchanges, including electronic platforms such as BATS and Direct Edge, also agreed to shut down trading.
Major institutional investors complained to regulators that markets should either be open or closed, forcing all of them to move in one direction, according to a person familiar with the matter who was not authorized to speak publicly.
These investors were worried about big movements in the market during volatile electronic trading, the person said. Representatives from each market then agreed to close trading, the person said.