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Empyrion Wealth Management President Kimberly Foss on the impact of the decision to close U.S. stock markets during the storm.
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Any New York Stock Exchange opens today for the first time since the storm but it was exactly smooth sailing overall.
They gave Wall Street a better look at what's wrong with their emergency plan what really needs to be fixed for future disasters here for more assembly -- found.
President not a period wealth management.
Did you think say this shut down did more to further diminish the retail investors -- the market.
Yeah I think it it it could have but I think the fact that it it open this morning.
With smooth sailing and pretty much all the trades were were -- acute it'd.
I cranky fate to that retail investor that you know we we were prepared to some degree although wasn't without any glitches -- of course along the way.
So I think actually it was it'd have to be a positive -- -- -- people were frightened going into it.
You know I have to wonder you know if some people who have been really critical all you know of the market through this who shall remain nameless like Charlie Gasparino.
We're just really snagging the New York Stock Exchange saying you know that -- show that they.
That they have that they didn't have faith in their own system -- -- -- the New York Stock Exchange is getting unfairly beaten over this any maybe they really didn't want people.
To go to their offices and so they set -- cable shut down because you know the markets open.
And investment firm you feel compelled to go to work no matter what no matter how bad the weather is that the markets open.
It's your responsibility -- -- -- people would have gone to work anyway do you think maybe they were good guys and now they're just getting beaten.
I think clearly -- eat out.
The reality was.
-- that is is the NYSE -- have a secondary system is our cat.
And -- NASDAQ cat is -- of course are all electronically trade and these were tested on Saturday so that we could have gone electronically all the way through.
However I think at the end of the day not everybody was a 100% behind it.
And -- be fair I really think that the decision was people first profit later and I think they made the right decision to make sure that their employees were safe.
As that was part of the problem -- -- was is their staff see how they gonna get there is going to be safe.
And you're right people are compelled to go to work it's it's open.
What.
Think could have been done better for next time -- -- what sort of different plan should they make should banks.
Mean mandated to have sort of active trading floors and other spots outside Manhattan need it I mean is there a rule that would have taking care of us or some sort of infrastructure change that would have made -- of the market -- operate safely.
Well I think there is there are rules there that -- is there.
I'm there are the banks and and that London was was actively there to help the banks.
A facilitate currency trade -- well.
So I think we actually -- there were almost there -- that it's just a matter of testing next and it -- that they didn't march.
This year believe.
But it's never been tested a 100% lives so I think the next step really as we gotta have an opportunity where.
There's I can you know consistency across all platforms any contingent plan.
To make sure that this does workable and I can't really we're gonna have another episode like this until I think there is gonna be a time.
The bottom line is -- market looks pretty lackluster today what do you think investors are waiting for now as of the jobs numbers of the election I mean it looks.
-- your like your opening you know the floodgates here after the market have been pent up for two -- in volume was you know.
It was what -- why there wasn't a big deal -- was average.
Right it was lackluster and I agree with you I think what's happened is it.
The fact that we open end and -- traded smooth saline and everything was exit kid albeit iPhone maybe not by an act.
I think investors are looking for the next the next three things jobs numbers.
The election and the fiscal but -- -- transacted issues that people are still like hanging on the and it's not -- right now are Kimberley process thank you so much coming on we appreciate your time thank.
