The New York Stock Exchange's trading floor on Wall Street has been shut down since March 23 as its owner, Intercontinental Exchange, has shifted to a fully-electronic system.
"It's absolutely our intention to reopen all of our trading floors, and we'll do so as soon as we believe it's able to be done in a way that reduces the risk for the trading floor community and our employees," Michael Blaugrund, chief operating officer of the NYSE, told Cheddar on Friday.
NYSE has begun that process on the West Coast, as it prepares to partially open its options trading floor in San Francisco, with multiple safety precautions taken.
"On a typical day, we might have 70 people in that facility," Blaugrund said. "We'll have less than half of that on Monday."
There will be medical screening, enforcement of strict social distancing rules, and changes to choreography on the trading floor. Face coverings will also be required for everyone in the building.
The New York-based trading floors will remain closed though, and there's no telling when the world-famous investing buzz will return to 11 Wall Street.
"The local conditions in New York City are much different than in San Francisco," Blaugrund explained. "Including the significant dependency on public transportation for the hundreds of people that work on the New York Stock Exchange floor."
Blaugrund says it's likely that the reopening of the New York trading floor will be similar to that of San Francisco's phased approach.
"Even though we don't know when we'll reopen, we can begin thinking about how we will reopen," Blaugrund said.
In the meantime, the NYSE has been able to collect data on the value of physical traders by comparing metrics that often affect market volatility.
"For the first time, we've been able to research... 'how much is the out-performance attributed to the human interactions?'" Blaugrund said.
According to NYSE's research, humans on the floor lead to more accurate auction pricing, which limits volatility in the market.
"It's been very gratifying to see that the human interactions on the trading floor create millions of dollars of savings every day for normal investors."
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
