Actionable insights straight to your inbox


NYSE To Close Trading Floors Temporarily and Be Fully Electronic Starting Monday, March 23

One employee and one trader have tested positive for the coronavirus.

Pixabay, Monica Volpin

(Reuters) – The New York Stock Exchange (NYSE) will temporarily close its trading floors and move fully to electronic trading from Monday, its owner Intercontinental Exchange Inc said after an employee and a trader were tested positive for the coronavirus.

They were last in the exchange building on March 13, the company said on Wednesday.

The facilities to be closed include the equities and American options trading floors in New York and Arca options trading floor in San Francisco.

Trading and regulatory oversight of all NYSE-listed securities will continue without interruption, the company said.

“Our markets are fully capable of operating in an all-electronic fashion…and we will proceed in that manner until we can re-open our trading floors to our members,” NYSE President Stacey Cunningham said in a statement.

Separately, in a letter to employees, Intercontinental Chief Operating Officer Michael Blaugrund asked staff feeling “even mildly ill” to stay at home.

The outbreak, which has killed over 100 people in the United States, has created panic and forced several businesses and local governments to take actions to limit the spread of the virus.

Reporting by Nivedita Balu and Munsif Vengattil in Bengaluru; Editing by Ramakrishnan M. and Arun Koyyur.


Source: Reuters

The implications of the dollar potentially losing its status as the global reserve are numerous. Obviously, there may be currency risks, and decreased demand for U.S. Treasuries could lead to rising interest rates. I would also expect to see massive commodity price swings.
Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.
Many people think of position size in terms of how many shares they own of a particular stock. But it’s much smarter to think of it in terms of what percentage of your total capital is in a particular stock.