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NYSE President on E-Commerce and Reopening Floor After Cheddar Coronavirus Crisis

 


The New York Stock Exchange temporarily closed its trading floor, effective March 23, due to coronavirus problems, and the stock market has moved entirely to e-commerce.

The market continued to decline during this period in the uncertainty of the epidemic. This year was the fastest falling bear market in U.S. history, the second fastest falling in 1929, just before the Great Depression.

“Certainly the liquidation of the market has been very, very dramatic and I am fully aware of the concerns of investors about this liquidation,” New York Stock Exchange president Stacey Cunningham said on Thursday of the investors. who trust the market again. “At the same time, the markets are functioning well, so they need to focus on the fundamentals. Focus on the long term, and if you’re a long-term investor, you can better navigate this volatile period by sitting on the sidelines right now and waiting for the market to recover. “

The exchange on Wall Street closed in the midst of difficult times in previous years, such as during the Second World War and in the wake of September 11. However, this is the first time that the physical prosecution has been closed while the public markets remain open.

“We will absolutely reopen the stock market floor,” said Cunningham unequivocally even in the midst of the current crisis. “The combination of human judgment with sophisticated technology is really why the NYSE stocks are trading better, so we will start providing that level of full service again as soon as it’s safe.”

The NYSE had its first fully electronic trading day on March 23, and the change went as planned according to Cunningham. The Stock Exchange, according to its president, is doing its part to stop the spread and ensure the safety of the community. As hospitals are overwhelmed, healthcare workers are on the front lines of this pandemic, as are those who provide food and essential store workers according to home support guidelines.

“We don’t want to make their jobs more difficult, so if we can get our people out of New York and the streets, and keep them at home, we’re going to do it,” Cunningham noted. “So it will take us a little longer to know when this situation is under control, and at that point we can start announcing plans for reopening and what it will look like.”



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