Bah Humbug – we’re staying open.
That’s the message New York Stock Exchange President Stacey Cunningham had for investors, regulators and Joe Q Public Monday afternoon regarding the COVID 19 pandemic and calls to close the equities market and trading floor. In a live interview on CNBC, she said that after conversations with regulators, the government and major industry CEOs, both the stock market and NYSE trading floor would remain open for business.
“The causes of this current selloff wouldn’t change if we closed the market. Investors need the market to be open for them to have access to their money,” Cunningham said. “We will get through this and to the other side.”
Cunningham told CNBC that she along with government officials, CEOs and regulators are most concerned with worker and the broad public health issue and all would be working together to focus on public health issues and working together.
“After we achieve these goals (health), then we’ll turn to helping the market recover.”
She added that based on this, there was “no reason” to close the equities market as some have suggested.
“Markets cannot react remotely. We would not be reducing anxiety by closing the market,” she said. “I can’t see us doing it now. There’s a very big difference between closing the floor and the market. Four of our markets are electronic. The other marketplace, we have people on the floor that are proud to come in and help assist in dealing with market volatility and this community is ready to do so.”
Cunningham concluded her remarks by adding the NYSE is currently employing other measures to ensure its employee safety – such as checking the temperature of everyone entering the building, sanitizing the trading floor and building, incorporating more social distancing on the floor and reducing staffing at the exchange building located on Broad Street, New York City.