US equity markets will revive on Wednesday following the greatest weather associated shutdown in more than a century, restarting following the New York Stock Exchange was spared by Hurricane on Sunday as it swept through New York Oct. 29.
Foremost US stock exchanges supposed to revive on Wednesday following Sandy, the worst storm to strike New York in almost 75 years closed trading for two days. Larry Leibowitz, the chief operating officer stated that the conclusion was announced in report by Nasdaq OMX Group Inc. (NASDAQ:NDAQ) and NYSE Euronext strike the Global Markets Inc.
The NYSE's command center are operating on backup power and will keep using it if essential all week. Trading was canceled for four straight days in the wake of the Sept. 11 of 2001, terror attacks and the New York exchange close for seven days in 1933 during President Franklin Delano Roosevelt's bank holiday.
NYSE Euronext (NYX.N) stated that the New York Stock Exchange would reopen as usual, while it was organized to switch to fully electronic trading if required. Nasdaq OMX's Nasdaq Stock Market was also to be working on Wednesday, while were BATS and Direct Edge Exchanges.
Larry Leibowitz, chief operating officer of NYSE Euronext said that he have a green light.
Arthur Levitt, the former chairman of the Securities and Exchange Commission stated that the NYSE required a superior backup plan. All of the US stock market operators took part in coordinated testing on Tuesday for trading on NYSE's backup system. The implement was also expected at allowing member trading firms, several of which are operating on backup systems themselves owed to problems from the storm, an prospect to make sure they are ready for Wednesday.
US stock exchanges initially had planned to open markets on Monday, however they ultimately responded to pressure from firms concerned regarding employee safety, as well as the failure to see markets function effectively at light staffing it was the first time in 27 years that exchanges closed because of bad weather.