The New York Stock Exchange will close its trading floor for its first weather-related closure in 27 years as Hurricane Sandy sets its sights on Manhattan.
Originally, the NYSE hoped to shift trading to its electronic NYSE Arca exchange, which is not based near New York. The Nasdaq, already an electronic platform, had intended to stay open as well, but will also be shuttered. The decisions to close them altogether came just before midnight on the East Coast, and officials say they will decide about Tuesday later today.
The CBOE will cease trading on Monday too, and the CME Group will close the trading floor of the Nymex commodities exchange as well, moving it to an electronic platform.
Most of Manhattan was closed off by 9 p.m. Sunday, when New York Gov. Andrew Cuomo ordered New York’s public transportation closed off, shutting down access for the 8.5 million people who use subways, buses and railroads to enter the city every day.
Traffic was still moving about this morning, but must of New York is quiet this morning as schools cancelled.
Manhattan’s Financial District sits in a low-lying part of the island, which is subject to flooding. The NYSE hasn’t changed trading for weather in more than a decade, when in 1996, a blizzard delayed its opening. Hurricane Gloria in 1986 also forced the NYSE to close, and since then the exchange has developed its electronic trading.