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FBN’s Charlie Gasparino on the NYSE decision to close trading due to Hurricane Sandy, and the finger-pointing occurring among those involved.
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So now the exchanges are put a finger pointing begins over the -- -- decision -- closed Monday and Tuesday -- -- superstore sandy.
And Charlie Gasparino is here with the latest -- mom yeah I mean -- take a little survey of of the big brokerage firms if you listen to Duncan he's basically saying.
It's the firm's read the full very clearly we don't open that they didn't have got -- they wanna come into the city.
I think he also said at one point that they didn't have the technology to deal with Arkin it's their fault.
They are tell me a slightly different.
Version are actually the 180 from -- They should they point out to me that.
They thought there was a lot of confusion about about the decision to close they said listen you know all the sun on a Monday we get this thing work were open.
Close in the floor but will quote we're definitely open an orca.
It was a very clearly communicated.
Message hum and it -- the street into panic mode why didn't do that.
Because.
Guess what.
They really had concerns not necessarily that's sending their people target rate which state did you know but we also point out that -- -- these.
-- these firms have you know remote locations.
They really worried about.
-- propel those technologies whether that could handle the volume they were really concerned.
That archipelago would do you have a FaceBook situation -- that's that's what prompted them.
-- basically saying don't do this yes they were worried about you know the storm.
Although the storm as you know hit later Monday night you know after the markets Cory Ryder but it was it was archipelago -- -- -- archipelago.
Really.
Was was ready.
-- to handle what went down we should also point out.
That the basically said that there was on the confusion extended even if the decision to close.
Apparently even have to begin ways he made this decision to close after big.
Explicitly stated was opened it was still news reports like if -- home.
-- watching NBC local news people were hearing the markets are open to why granted tomorrow break out our -- worry that didn't like the New York Stock Exchange didn't communicate the decision to close.
As much as they communicated the decision to stay open down so there's going to be a lot of finger pointing I think at some point you know.
It be nice if the SEC.
I think they have to like you know I have ever -- commission on this but I mean I think.
You know a -- a look back.
Yeah how did this go down and not -- that.
Remember this decision to close was for two days suppose it was worse and -- had a closed down week.
We're two weeks remember can't value company you can't get financing.
Not every company is gee maybe the stock markets to get financing yeah you can't get financing guess what.
Can't really get -- -- commercial paper you can't do stuff you can't pay employees you close down and that's and that's that's why.
Closing markets is so it is should be done and rarely if you when you say remote.
Locations child either of these banks brokerages you talking about out in the suburbs it's what this and -- win because there's a lot of power outages are out there are those that would have a major effect on their ability to it but look at to operate look at it this way.
1010 days ago we were told that there isn't going to be a massive storm to sweep to the East Coast.
Right Goldman Sachs has about has offices in Dallas.
I know a lot of them have offices in Chicago.
I'm just saying that there was a way if you gain -- this.
That you didn't have to do and by the way no offense this was a storm and oppose it was something worse.
What -- gonna do there was something worse.
You know if if if -- knew if New York.
Something that happens in New York should not stop the capital markets for the for the country.
And I I don't think people are getting Tim Duncan kind of got at this recently said well you see more more -- we need to look at it eating quite -- interview with us that things on the wires.
With that.
And that's a clear that's in the debt that's an indication that they know that.
You know -- two days is what -- suppose was two weeks.
And -- OK Charlie Gasparino thank you so much -- -- reporting and that's.
It's alright Silverstone -- -- destruction leaving nothing but a massive clean.
