NYSE Moves to Electronic Trading Due to Coronavirus

The New York Stock Exchange (NYSE) is temporarily closing trading floors and moving to fully electronic trading next week after two people — a member of the trading floor community and an NYSE employee — tested positive for coronavirus.

19 March, 2020 | AtoZ Markets – NYSE is operated by the electronic trading group Intercontinental Exchange, which acquired it in 2012. The exchange moved to its location at 18 Broad St. in lower Manhattan in 1903. As electronic trading grew on Wall Street, the NYSE adopted, more and more of its trading being done away from the physical floor.

NYSE to Temporarily Close Floor

NYSE will temporarily close its iconic trading floor in lower Manhattan. It switches to fully electronic trading starting Monday, as a precaution, after two people tested positive for COVID-19.

Fully electronic trading will begin on March 23 at the opening, the exchange said. The NYSE, NYSE American Options market and NYSE Arca options in San Francisco will be closed. Josh King, a spokesperson for the exchange. ‘Intercontinental Exchange said:

“The trader is waiting until Monday to close the trading floor “to give traders a few days to be ready for fully electronic trading”.

The closure is due to positive coronavirus tests from two people, NYSE president Stacey Cunningham told CNBC.  However, the exchanges have closed at times over the years, such as during World War II and in the wake of 9/11. But this is the first time that the physical trading floor of the Big Board has closed independently while the electronic exchanges continue.

“We have implemented several security measures in the past two weeks. We have started to perform pre-emptive tests on employees and to monitor anyone entering the building”, said Mr. Cunningham on “Closing Bell”. “If this screening justified additional tests, we tested the people, and they were sent home without having access to the building. Some of these tests returned positive.”

“These people were not in the building this week. The building cleaned and treated before the trade began on Monday. I think that reflects the development of the situation,” added Cunningham.

“NYSE trading floors offer unique value to investors. Our markets are fully capable of operating entirely electronically to serve all participants. We will do so until we may reopen our trading rooms to our members, “she said.

Read More: Canada Tightens Crypto Regulations Ahead of FATF Compliance

Global Coronavirus Cases

Global coronavirus cases have reached more than 212,000. Confirmed cases in the US have risen to 7,324 in total, according to data from Johns Hopkins University. The coronavirus has spread to all 50 states and Washington. The number of deaths in the US has increased to 115.

This Week, AtoZMarkets reported, New York Department of Financial Services (NYDFS) also required state-regulated crypto companies to provide detailed of coronavirus contingency plans.

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