Also in this playlist...
This transcript is automatically generated
Just for the -- on the whole I'm the first reported by the Fox Business Network that -- he will be open tomorrow off to two days of closures sparked by super storm saying the questions because now swirling noble straight.
About the preparedness of the nation's most prominent exchange to deal with a difficult conditions Charlie Gasparino who has been.
Breaking news on this story from the get go join you know I don't know somebody got into my.
Mike tore us and re wrote what I said.
Normal opening and that that's a key word that should not have been taken out of that -- normal opening.
After and you could take this one out but I think it's it's apropos an abnormal closure will get in debt diet wise it was it what do we mean by normal opening.
The floor traders are probably going to be there tomorrow.
So -- have -- floor traders normal opening.
Here's what makes this abnormal and it's it's kind of an it's an interest in story to your and it's going to be spun around the next couple days guarantee we were we've been hit in this for the last couple.
The couple days earlier the most people sources at the rival exchanges facts NASDAQ can direct edge all tell me.
That they are prepared to open Monday.
Okay they wanted to open Monday so is is that the NYSE -- telling me.
Well they only did not know they didn't open because of concerns by the brokerage community about.
Treating particularly trading -- -- Okay I will say this -- Duncan Niederauer he's going to be in -- -- later told me yesterday.
That he was that he was prepared to open Monday think that the system was in place.
But this is the from the -- gonna have and the New York Stock Exchange is gonna have if that was the case.
Why do you open I mean look at this what we're here work.
I must say people should be put in harm's way up -- and got crushed I live down and close to their so I know was really -- -- the East River.
You'll -- yet in my backyard tickle me -- my backyard last night.
That said if the 9/11 eleven years you would think.
That if we have an electronic for the New York Stock Exchange the most prominent stock market in the country has a -- as a backup plan and they clear Arco operates at a Chicago -- -- -- -- data center there in in New Jersey.
You would think the Wall Street firms.
Who had dealt with this situation broadly the past particularly 9/11 I remember.
Wolf this is going when I was at the Wall Street Journal that time going Merrill Lynch offices when there wasn't Merrill Lynch -- in New Jersey that.
When this stuff was -- and -- this storm was not a surprise.
I -- early home early from Dallas.
Yes we can -- -- for a second SEC is saying that they support the decision to open trading tomorrow they're saying that right now Becky -- -- that there thank you Mary we we really have been.
Election that haven't Mary Schapiro I think you know I'm not not Ariana regulatory -- here is Mary Schapiro that you support I mean this is this is actually he'll appoint you might -- it is that this is a joke okay and then there's something to the argument though they open markets they -- thousands of people to come to their trading desk at JPMorgan Iraq -- guests that say yes to yes you're you're right.
Why don't they have a back up plan.
But it -- citi's Citi I didn't think his securities market should not be shut down because of a -- storm.
And the fact is -- -- we don't know what the price of IBM is for the past two days the value the value of IBM value big American companies apple.
Have been suspended because of this storm the question is.
We have tons of technology we can trade stocks in milliseconds.
-- we could put men on the moon.
We could put -- we could send that you know drones.
Anywhere you -- -- -- Harry Arafat pressure on the exchange -- to shut it down to keep people out of Manhattan I mean with all the trouble they went cabal that is shame on Sunday night that you you know missing the point the point is.
That was -- why wasn't there a contingency plan -- have the -- to have the markets running and by the way.
Much without our people coming into the market much of this market -- to market which is the electronics the electronic.
Network that's located in Chicago.
Why do they have contingency plan to keep the markets open and listen.
There -- there's so much wrong with you one of the funny things the irony of Mary -- -- she supports this is this.
I like her person she's it really doesn't streamlined and delicate problem he's a great person I mean I'm not MI and -- a much taken it cheap shot at very minor.
About little sarcasm there are -- -- -- my questioning her hairstyle -- -- I'm just tell you that when I look at.
At her record okay this is what I am quite GAAP her legacy.
Did the -- the problem the blocks the the stain of it.
Will be the market structure of this market still.
He's not healthy -- teal following the -- -- first week.
We don't have we have fifty supermarkets.
Trading in different trading floors all around the dark pools we have a New York Stock Exchange.
And -- -- has electronic market that was not ready -- operate on its own.
You know because of -- storm even though it has offices all over the world that you -- you said yesterday the SEC was putting pressure on the nicely.
To reverse its decision Sunday night because of the belly aching from the banks in the other brokerage.
Right the data monitoring their -- I I -- okay thanks stay ordering their people but why -- they have to bring their people well that's remember though that's not run battle on the regulator that's not a stock exchange settled finally did you go -- -- and everyone -- who needs he on the real early and that's not on the regulators.
No I think it's -- I think that the banks didn't want to -- -- look at how does this city you have to regulators create the rules dictate create the markets.
We have a market that doesn't tell JPMorgan and Goldman Sachs rated either trade -- -- -- -- to have something else like about my -- -- and really everyone if they don't tell them that they tell them everything I got news here they -- then everything.
They tell them how to operate a market they are there rules.
And how markets operate and the because some if they're not -- and have a black backup plan right now.
When we needed SEC love I guess to bust people for -- gonna have to leave it right then to discussion -- against her.
Filter by section