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Nasdaq CEO Robert Greifeld on Facebook’s IPO and the exchange’s decision to close during Hurricane Sandy.
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That -- exchange re opening for trading today after superstores and he kept a -- dart for a couple of days Bob cry felt Mastec CEO joining us now -- tomorrow Bob.
How are you doing.
I was gonna get so out of the way a good to see analysts thank you were well you know I guess -- the NASDAQ which is electronic trading -- the big question was.
Did you really have to close down.
Well but the fact that we were ready for Monday is not really immaterial the whole industry -- be ready we work it's a community.
Citing as a proper decision to be taken.
I think the key point is we clearly have to get that much better with respect the continuity planning.
-- we're going to be talking about this for awhile today and and it's true all over and all of the various indexes but.
We have had a terrific year you guys are up about 20% from this time last year.
And yet volume has been very low a lot of retail investors are still afraid of this market may be from 2008.
Of course FaceBook has a lot -- it is a FaceBook controversy.
Up pretty much over now -- and how else can you sort of worked to bring in the retail investors.
Well I would say this the market is certainly a wider than anyone slot FaceBook certainly wasn't a positive.
The FaceBook IPO is not a positive for the market but the market is thousands of stocks headed ties into broad consumer confidence numbers which have.
But you know everything to do with the overall economic progress so -- -- -- see GDP.
Enjoy a higher growth rate.
I think you'll see confidence come back and you'll see increased activity in the equity but it did you ever figure out why it was that FaceBook was so poorly priced at the beginning.
You know I have no comment -- that our role is certainly not to do pricing in the IPOs and I think the important point is the market.
We'll reflect economic progress over time the extent the economy improves then you'll see improvements in the equity market place pop I wanna.
Go back to something you said at the top of this interview in that was what it's clear that we all have to improve on continuity planning how so what steps -- take.
What changes William make.
Well I would say this I mean we spend a lot of time on this issue and when you think about.
How this fits in historical perspective going back in 1993 we had the first attack on the world trade senator.
That's the first time we really had to get serious about we have to -- -- to operate regardless of what happens terrorist attack.
Hurricane earthquake tornado.
And when you look at what happened last week we certainly saw that this storm was developing.
It's important to get your people -- -- harm's way and those people which are necessary -- to operate the market.
So we started moving people out last Wednesday and we had the ability really to operate the market from any location.
You all set to test the industry -- -- decided that we yet to test.
With the industry at large with the software what the process you have in place you wanna have in place.
-- that -- hassle don't just jump in there about testing you know and Duncan Niederauer and I know you don't speak for him he nor do you but he was saying and Charlie Gasparino jumped all over this one that he was now saying that it really wasn't -- -- -- a lot of the large financial institutions.
Happened tested with some of the electronic systems such as Arco which is -- -- Had they tested with the EU and NASDAQ -- on Max.
Well we'll certainly we've been testing with our culture -- for it many years says -- sad really since 1993 it's been -- -- Operating procedure.
Just last Saturday the industry had a disaster back -- test we participated in that we participated.
With that test from -- disaster backup site.
Which is down in Virginia so we work with the community.
I think the community very -- a large sense can't speak for all of them but certainly the customers we talked to.
Spent a lot of time are serious about making sure they're ready for it had in fact tested what Bob -- we don't like to think of there being another -- but we know there's going to be some event that may close the Markey said you can operate from anywhere.
The next time something like this happens that might in the past have caused a closed up.
Might it happen might we have a virtual market might you be able to open from some other location.
Well we can do that today and we're actually doing it today -- we have our people deployed in different parts.
Of the metropolitan area we also haven't deployed in Philadelphia and an end in Washington Rockville.
Actually Rockville Maryland so that's possible today but the important thing is seen -- community has to be in that.
Particular state has said that for -- degree of readiness and one of the key principles of continuity planning.
Is to make sure that were you doing in a disaster is no different than what you do during in normal operational.
Procedures so it to make sure we test in that fashion.
Bob thank you I know it's a busy day we so appreciate -- -- it's not a good day a normal boring day sort of happening yeah.
But thank goodness thank you aren't boring is good thank you pop -- cracked bell that a.
