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NYSE CEO Duncan Niederauer on the opening of the stock exchange and the decision to close during Hurricane Sandy.
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That the second right now NYSE chairman and CEO Duncan Niederauer is on the floor of the -- -- -- article totally d.s.
-- things of him down there.
All right well we're here with Duncan Niederauer as you noted we're happy to have you on the Fox Business Network IC talking with the traders making sure that everything's opening smoothly.
Give us the good news because I know that something you've been working on to get this made up.
Yes so everything open pretty quickly.
It's been very smooth market opening you can see we're pretty much fully -- down here so everything went really really smoothly volume seems to be pretty good markets up about half a percent -- so -- -- -- Adhere -- any problems so far with this at.
That the problems that we had were before the opening in terms of broker connectivity some people -- having trouble with their blackberries with the Internet services phone service.
We spent most of the morning trying to solve a lot of that and I think we did.
In terms of people outside of the building they're kind of activities been tested liberally further effort the last you know.
Point four to 36 hours that's all working smoothly we've got over a hundred million shares of volume ready so I think we're moving along.
I heard you guys work freaking out about the fact that these traders somebody brokers not the DMMs who handled the stocks themselves there's no consumer confidence issue but more that.
-- someone use the term they're freaking out upstairs because they realize now that a most of these guys are not getting Internet service are not getting selfless service they don't have land lines in order to get orders into the building and the only way to get those orders.
Was through.
The the NYSE pipeline.
OK so there was a question in there somewhere and so so first of all I don't freak out about anything so I really worry about that stuff.
-- separate fact from fiction because there's been a lot of fiction going on the last couple days.
So the overwhelming majority of orders come from outside of the building into the -- -- data center we're not even on generator power in my while we're on full power the power never went down.
With the DM and community all the stuff I just talked about in terms of Internet connectivity and things like that.
No impact to them and also the market making system as we control those they control those that's been fine.
The very small part of the orders that we get from inside of the building.
We had issues with phone connectivity and Internet service this morning we gave them their own phone -- so they can make in coming get incoming calls and make outgoing calls.
Let latest I'm hearing -- it's not a problems and -- was freaking out though.
-- -- ten seconds -- quick question.
Monday and Tuesday could -- opened this exchange.
We we could have I think it would have been irresponsible in the light -- what we know we certainly could have operated electronically.
And what the industry clearly told us on Sunday.
Was please don't open electronically because we're gonna have to put a lot of our people in harm's way so let's not do that.
And I think I do I wish the industry and we came to a decision earlier on Sunday sure.
But we that we all made the right decision it would have been irresponsible and dangerous to be open Monday and Tuesday.
I think is trading when having better because of people's lives I mean I think more that I human safety nickel first and foremost.
I don't think the market would -- operated fluently but that's neither here -- -- there with the industry was saying was guys even if you think you're running from Chicago.
We still have to send people into work in the metropolitan New York area we really don't wanna do that please don't make us do that and you know what they were right.
So I think the industry made the right decision and we're here today will be here tomorrow and Friday and we should have the building back on regular power but even if we don't the generators on.
Congratulations to you at the teen.
