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Trading Halted for a Second Day

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  • Description

    FBN’s Charlie Gasparino with the latest on Sandy’s impact on markets and trading.

  • Duration 2:47
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This transcript is automatically generated

-- beginning today.

That's of entry Charlie Gasparino self.

This -- -- so Duncan Niederauer on earlier today and I danced danced around that operative question in the very -- -- get in -- and and I just wanna.

It's a renews -- -- exchange closes tomorrow we should point -- that Wall Street itself will close tomorrow it's not just as the obstructionists every every change.

And they need to -- NASDAQ -- will who knows every firm from what I assemblies is closing and of the stock exchange just put out and I announced in the last couple minutes.

We were first reported but I think expect an announcement maybe from from the SEC something more official coming out soon.

About exactly the state of play -- also tomorrow's essentially a -- day on Wall Street.

What's interesting about this is -- is obviously the news that we were reporting yesterday.

Adam -- of -- of Fox Business to -- great reporting on this that you know there was essentially a revolt when they when they win the New York Stock Exchange announce its plans to to close the floor but opened the electronic exchange you had a revolt from the -- saying why are you doing this.

This is insane this could lead to another FaceBook stuff that I think is out of line.

But that that revolt and discussions with the SEC then filed and then Duncan Niederauer the CEO of the New York Stock Exchange -- is -- it is this decision.

Why does he care about this well and -- why would he do that.

I can only -- this I took the people to New York Stock Exchange statement -- Duncan they believed they had the technology to have an orderly market.

Okay will anybody orderly market not like have.

Prices go up and down a 1000000% like a flash crash sort of thing they believe that the market could handle what was going on.

What they -- me is this what they're saying now and I think there is -- 'cause I think this is accurate to a certain extent but I I think there's more to it is as well.

They told me that the brokers themselves we're not prepared for this situation for the sort of emergency.

State of emergency situation where they did not have the sort of you know New York Stock Exchange does have a remote place a remote location -- on the Jersey.

They can operate Arkin is physically housed electronic exchange in Chicago.

They can do this they could open so why purpose -- -- -- won't be the problem about.

That's a question we have to ask all the brokers I will say this -- I think they weren't ready but here's the other there's a competitive thing here and this is where it would Duncan danced around a little bit today.

This is competitive thing where.

Every broker operates its own exchange known known as the dark pool.

They couldn't get their people to operate their exchange they're dark pool -- New York Stock Exchange and the NASDAQ would have been the only two games in town like it was the old days.

And that from a competitive standpoint for I believe the street went nuts and I think.

That pressure we know that the street made calls to the -- to the SEC that's clear and the SEC which has the ability to close all these guys down -- a blink.

I think when they they basically gave gave Duncan did -- the -- and said OK guys you're out.

Interest.

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