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¶ … Sandbags outside the NYSE (Strasburg, Cheng and Bunge)
Hurricane Sandy has been called by some as the worst storm to ever reach the U.S. mainland. In fact the NYSE has not been closed since a blizzard that occurred in 1888. However, for a second day in a row the NYSE has been shut down which highlights the stock exchanges disaster preparedness plan and its disaster capabilities. There has been some debate about whether or not to open the stock exchanges all electronic versions. Many investors worry that this trading format is too prone to errors based on complex algorithms and lacks human judgment to regulate the transactions.
The disagreement over whether or not to open this format was opposed by many of...
Volatility was not only feared because of the trade format, other events might influence market volatility as well. "You're compacting two major events, one -- the most important event of the year -- the election, and two, an employment number that a lot of people are looking at," said Andrew Brenner, head of international fixed income at National Alliance Securities. He added: "You're running the risk of some major asset price changes and very illiquid trading over the next week. People who want to get in or get out, they're not going to be able to get in and out (Strasburg, Cheng and Bunge)."
In the end the stock market leaders decided to close the trading floor because…
Works Cited
Strasburg, J., J. Cheng and J. Bunge. "Behind Decision to Close Markets." 29 October 2012. The Wall Street Journal. Web. 29 October 2012.
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