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CME Group Executive Chairman Terry Duffy on the opening of the NSYE and whether the markets should have closed during the storm.
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The answer -- -- -- dump it was something about not staying in in connect with other exchanges Anderson it.
At the CME with Terry Duffy is chairman of the CME group it's.
OK now let's get right -- Terry Duffy and thanks for joining us I'm -- morning by the way it.
You're thought so far on the open this morning as we stand in front of the S&P 500 futures pit which has -- -- the past today.
Well I think it's been really orderly for the most part Zander obviously the market opened up actually a bit better amounts -- -- higher and today's so.
I think that some people worried about pent up demand in the sell side obviously wouldn't see that and we -- -- -- in business as usual right now.
Do you answer the question that a lot of folks have been asking was this necessary it was a close down of the New York Stock Exchange.
And as some of the trading pits here in Chicago and electronic markets was it necessary.
Well we were open on our overnight sessions as you -- -- we were not open during the day.
-- I think why it was necessary because of the catastrophic event that we saw -- New York.
This is not something we see every day so when you cannot put human life ahead of the markets -- that's what's most important here.
And people did not have access to get to the marketplace nurtured even electronically so.
You know you can trade automated you still need to have people man those systems and that -- -- critically important also.
You don't have to look far in the newspaper Terry to see -- -- stocks that are out there that maybe you people are losing faith in the electronic system because.
Exchanges -- that they needed to shut down is there any reason why that could be true.
Now that there's ups -- -- truth -- -- whatsoever we have the most robust system in the world we were prepared to go but we did what we thought was the right thing.
With the industry to make -- all the participants could be available to trade markets and that -- we did not have a dislocation but people not having access access -- to the technology platforms.
As we look at the one year anniversary of MF global -- do you believe that.
Markets today are safer than they were.
A year ago or even more than that I truly do -- markets are definitely safer today we've implemented several new procedures in place since MF -- happened so.
I'm very confident that markets -- much safer today than before.
RA military -- got the did you industry association event going I know -- wanted to say -- Neon city I had I'd like to say hello my good friend knew Bhutto and I'm assuming this -- -- -- -- -- -- -- I didn't everybody back in the very good and -- -- you all the best I didn't -- -- very they offset a lot.
All right thank you are very much -- --
