After two months shutdown, NYSE reopens trading floor

The trading floor of NYSE has reopened partially after two months of COVID’19 lockdown. The quarter of brokers, from small firms, have returned. They are around 100 brokers. The desks were set behind Plexiglas screens.

“NYSE was pretty thoughtful”, said President Rosenblatt Securities, Joe Gawronski. He further added, “its one of the safest places to go to work, because of availability of masks, the particular size of space, and reduced staff. Safety of the staff was the only question but after the adequate measures taken for safety, as we were aware of that, it wasn’t a question.”

It was prohibited for traders to use public transport. They have to sign the papers required, securing the exchange if caught coronavirus, and made sure to follow the exchange health regulations-as the biggest stock market is ready to open its trading floor and get back to work.

Traders wearing masks and keeping social distancing on the floor of NYSE. REUTERS/Brendan McDermid

In NYSE’s 228 years history, this happened the first time that NYSE’s trading floors were closed for two months. This shows how serious the coronavirus had an impact on the financial markets. New York was one of the parts in the USA under severe coronavirus attack, 360,000 cases, and more than 23,000 deaths. The condition had damaged the whole business market in NY.

Some points in a market share have been lost by NYSE-in terms of share traded volume-numbers may rise or fall,  according to a study by Sifma earlier in May, brokers, banks, and asset managers representative body. The Intercontinental Exchange-owner of NYSE-said in April, once market reopens, the loss of market share will recover.

More companies are prepared for initial public offerings, after the March-April turmoil. The market had an impact on the volume of NYSE by going all electronic, “the market went seamlessly, is a question for everyone who was involved. Logically, it operated well,” said Shane Swanson, Senior analyst at Greenwich Associates.

In helping to launch IPOs, NYSE allowed some of the traders, during the shutdown, on to the trading floor. But prevented by some of the customer’s corporate policies.

Keep visiting gofrixty for more news and updates.

Related posts

2 Thoughts to “After two months shutdown, NYSE reopens trading floor”

  1. […] After two months shutdown, NYSE reopens trading floor […]

  2. […] is the stage where most of the countries are either on or heading to. The revival of the National economy starts from here. Some factories reopen at this stage and the circle of the economy starts rolling […]

Leave a Comment