Also in this playlist...
This transcript is automatically generated
The New York Stock Exchange -- -- -- tomorrow after its first two days forced whether closures since the eighteen hundreds.
What kind of undertaking as the reopening Duncan Niederauer is New York Stock Exchange Euronext chairman and CEO and he joins us by phone right now.
-- before we start about to talk about that reopening.
Put your rest the reason why markets were closed I -- -- I'm sure you heard we've been debating it all our and everybody's been debating it for days did -- have to do with the reliability of electronic trading.
I think it's more -- much more about estate issue.
To be honest -- I think everybody understood that.
We can -- great electronically -- the contingency plan that we've had in place that is the other separate electronically -- a regular basis anyway.
We could evaporated the markets electronically I think the industry correctly pointed out to -- -- whether the market -- Fiscal markets or electronic markets they were gonna have to mobilize a lot of their staff and put that in place.
And I think we all -- -- right decision.
Not to do that so I think that was a good call.
Duncan so did you get coal was in the SEC who listened to the concerns of the banks and brokerages.
That ultimately spoke to use Sunday afternoon and had you reverse your initial decision.
That's very you get gonna have to repeat that -- home -- site ever practices piano just the night I.
Up well listen to that little -- every -- did the FCC ultimately on Sunday often enough you announced that you would open under an electronic scenario.
Did the SEC listen to the concerns of the banks and brokerages and ultimately.
Convince you to not open on Monday.
That that's a bit out of that -- that's a bit at a chronological order so what happened is the the banks and brokers give us feedback after our announcement.
We ground balls with a number assist our representatives.
And then after the consensus emerged that that was the right thing to do not to open.
We actually collectively called the FCC and -- for their approval to agree with what we get decided and then that was and that they caucus the net.
That approval and agreement came in fairly short order after.
So the big question remains sort of what will happen next time -- did you build more prepared to make a different decision -- -- changes coming to the structure.
To allow -- it continue or should we expect this exact same thing next time.
And it it well let's hope the next time that that it is is many many many years from now but it did the last time we had to do this -- a day it was.
In the -- in for two days was in the 1880s.
So we hope it doesn't happen anywhere frequently than that but I I think two things will happen.
I do believe that we either regulators and banks and -- -- -- meet all all the exchanges.
I think we as an industry should talk more about these contingency plan perhaps mandating testing of these plans between ourselves and the market participants so that.
Whatever the situation might be we're we're prepared to go into these contingency plan.
I actually don't think that would change the outcome here because I think this ended up being much more about a safety issue.
That anything else but I I do think we should be prepared to to to do that.
So I think those of the two things it will happen I think one.
The industry will talk more about mandating testing -- to.
I don't know who would be that different because of the comes down to the safety issue -- -- -- -- it is is always gonna the company -- decision would make keep the market.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Yet been -- you can never anticipate that I always hesitate to make statements like that because we actually did not break the market that way but we operate part of the technology -- been using.
We operate every day.
The market's heard NYSE listed backed NASDAQ listed -- any yes.
So what some like it was technology -- industry and after it was so I would they're pretty comfortable that it would have worked.
But again was impressed bonuses that even -- for operating electronically.
The majority of firms in the metro New York area it would have had the step up and sent people into harm's way they've really didn't wanna do that -- to -- -- asked them to prevent further review.
Duncan thanks so much for joining us and get back to piano practice there.
-- thank you and we'll see you guys that tomorrow morning we will be open normal -- tomorrow we've got people that are now.
More on the way and we're coming in tomorrow so we should be pretty good shape our I think terrific thanks so -- -- to thank you so much.
Filter by section