The NYSE Mulls the Reopening
Where NYSE is at....
Everyone wants trading to open tomorrow. There will be a morning meeting shortly. NYSE senior management will meet with the whole emergency team to get an update...everyone has their own assignments...communications, logistics, security...they will go round the table:..."What do you see?"..."who sees any problems we have not anticipated?"
1. Make sure NYSE backup generators are functioning properly...they have worked fine so far.
2. Can we get people in? Key is to have most of the bridges and tunnels open, but NOT necessary to have subway open.
3. Any damage to ancillary facilities, like telecom...main NYSE building is fine.
4. Test backup plan and make sure all clients can connect to it.
Goal is to open tomorrow with a skeleton team on the NYSE floor. They need a couple hundred people to open floor. They have a list of which people were bringing in the skeletal crews, but need to recheck that.
If for whatever reason the floor cannot open, the backup is to open using just Arca (electronic trading platform). You don't need many people on NYSE site to run Arca. There are multiple locations where NYSE can lock into computers to run Arca.
The decision will not likely be made about how trading will open (i.e. with or without the floor)—or what time it will open—for several hours, and a final decision may not be made until early evening.
—By CNBC's Bob Pisani
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