Major Exchanges Closing Again on Tuesday for Hurricane Sandy

Banking, finance, and taxes

Published: October 29, 2012 2:01 pm

It was widely expected on Sunday that Hurricane Sandy was going to create closures of the major financial exchanges on Monday October 29. What was not know was the status for Tuesday, October 30 and for the rest of the week. We now have received word from the major exchanges that equities, treasuries, and most related securities trading would be halted by the major exchanges.

The main goal is to now open for normal or quasi-normal trading on Wednesday, October 31. It is important to know that Wednesday is month end and trading is likely to be very light at the source of the exchanges even on Wednesday even if volume is strong elsewhere.

NYSE: In consultation with other exchanges and market participants, NYSE Euronext, Inc. (NYSE: NYX) will close its markets in coordination with all U.S. equities, bonds, options and derivatives markets on Tuesday, Oct. 30, 2012. This follows the closure of U.S. markets on Monday, Oct. 28, 2012. We intend to re-open our U.S. markets on Wednesday, Oct. 31, 2012, conditions permitting; updates will be provided tomorrow.

NASDAQ: The NASDAQ OMX Group, Inc. (NASDAQ: NDAQ), parent of the world’s first electronic stock market, today announced The NASDAQ Stock Market and other NASDAQ OMX-owned U.S exchanges and markets and the FINRA/NASDAQ Trade Reporting Facility (TRF) will be closed for business on Tuesday, October 30. All other NASDAQ OMX exchanges outside the U.S. will be open for business on Tuesday as scheduled.

SIFMA: The Securities Industry and Financial Markets Association (SIFMA) recommends a full market close on Tuesday, October 30, for the trading of U.S. dollar-denominated fixed-income securities in the United States due to Hurricane Sandy and severe weather. However, SIFMA notes that primary dealers will need to determine if they intend to provide limited staffing on funding desks on Tuesday, October 30, in order to accommodate any potential open-market operations by the Federal Reserve Bank of New York. In addition, SIFMA is recommending full closes for the trading of US dollar denominated government securities in Tokyo and London for October 30, 2012.

This is going to be an interesting week, to say the least.

JON C. OGG

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