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NYSE COO: Markets Are Going to Be Fine

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  • Description

    NYSE COO Larry Liebowitz on the markets reopening in the aftermath of Hurricane Sandy.

  • Duration 3:43
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This transcript is automatically generated

They are ready to begin trading at about to 24 minutes all allies inside the big board right now where you'll find -- -- Hello -- up right now they're called they say everyone is ready to go away and and and I'm gonna analyst smoothly what what what's the read you're getting from there.

A wild you know they're rated go they're gonna handle -- -- -- I would yes and yes and a little now.

I'm joined by -- -- Larry -- -- seems a little surprising about the fact that I'm saying that Larry -- was chief operating officer here obviously.

First start with the good news how happy -- you how do you feel about the fact that we're opening the New York Stock Exchange this morning.

Well I think all of us feel relieved overthrew the storm and people feel better about being back to work and as you know better than anybody -- called as a community and this is about community.

And speaking of community about 90% of the people I would say at least start here on the -- so everybody.

Did make it and that's a piece of good news the bad news is a lot of these brokers who use the rise in.

Do not have.

Inter net.

They do not have phone service -- lines so and many of them are complaining.

I that they can't get an order from a hedge funds they can't compete against Goldman Sachs who -- that order that order has to be routed through the NYSE systems and then he would have to go through the big guys in order to do.

Well that that's not exactly true because a lot of our floor brokers.

Do you get their orders -- the New York Stock Exchange systems anyway so the coming through -- -- Those are not impacted in anyway it's really only direct to the floor and only then there's there's some some guys who can get it that way we're working on alternatives.

With the carriers but we're gonna all do the best we can we're gonna put on a market that has you know that that people to be -- Aren't you that's good news and this is if you're trying to -- IBM that's gonna go and that's gonna go smoothly we should say that we should clear any worries about consumer confidence.

Absolutely I think.

You know -- -- confident not -- of the New York Stock Exchange but the other exchanges in the United States the the industry is doing a good job they've responded to this disaster.

And I think there was you know we're gonna have a good a good day today.

What's up with a lottery of the phone lines.

At the guides are telling me that you have to repeatedly pick up your phone trying get a phone line this is to work to China do some serious business right they've lost business for a couple of days.

What's with the lottery and it and then they're saying that -- lucky enough to get it.

Gain hanging up the -- the whole day long.

-- in sort of recovery mode.

We're trying to find alternatives for the brokers some of that is giving them some of our internal lines the stock exchange lines to help them.

And their limited so we have to ration amount we will do things to try to improve that give them more lines through the day it is this is going to be a fluid situation.

And we are very sympathetic individual broker problems but the most important issue is -- the market's going to be fine.

Does -- your conversations with -- this morning.

My conversation with -- we're all glad to be here -- I think glad to just get out of -- house is unsure of all the trees you know I slept here last night but.

I think look we're proud of our community -- certainly proud of the employees who kept displays running that man this through the storm.

That took care of every need that we could possibly get conceive of we actually bust employees and brokerage community staff into here today because we weren't sure how many people could get in.

I'm we took care of like the first hundred turned out that more people were able to get -- than we thought.

Are well we are proud of you even seen the NYSE forget this place open and I know you're gonna do it -- -- well and will say but you're gonna be relieved when that opening bell rings and everything happens.

All right Larry Lee what's I know you're so busy IC Duncan around the floor we're gonna we're expecting Mayor Bloomberg shortly thank you for your time and we really appreciate that on Fox Business thanks Larry backed union or -- -- -- you very much you mentioned -- --

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