Stocks open for electronic trading Monday
NYSE located on Wall Street in flood zone
Last Updated: 408 days ago
NEW YORK -
U.S. stocks will open for electronic trading on Monday, as Hurricane Sandy is expected to make landfall in New York.
The New York Stock Exchange is temporarily closing its trading floor on Wall Street because of its proximity to evacuation areas in New York City.
New York has declared a state of emergency and New York City has suspended subway service starting at 7 p.m. on Sunday.
All NYSE-listed securities will trade on NYSE Arca, the company's fully electronic exchange until further notice, the NYSE said in a statement.
The exchange originally planned on staying open, but made an announcement to close its building Sunday afternoon after the surrounding area was evacuated. New York Gov. Andrew Cuomo said that subways, buses and railroad service will be suspended until further notice.
NYSE's move isn't expected to affect trading volumes. Not much stock trading takes place in the floors of the exchange itself, because investors trade from computers globally.
CME Group's Nymex trading floor in New York, which trades oil futures, will be closed because it is headquartered in New York City's mandatory evacuation zone. CME's electronic markets will open at the regularly scheduled time.
NYSE rarely shuts down for weather-related emergencies: Hurricane Gloria in 1985, and a snowstorm in 1969 mark brought the exchange to a halt.
The Nasdaq stock market, which trades many technology stocks including Google and Microsoft, said it plans to open for business as usual on Monday.
"We're monitoring the situation and coordinating with the other exchanges," said Joseph Christinat , a Nasdaq spokesperson.
Some companies with offices in the flood zone in lower Manhattan, like American Express, have closed their New York offices on Monday.
Copyright 2012 by CNN NewSource.