The Securities and Exchange Commission published rule changes that allow the New York Stock Exchange to conduct all-electronic trading.
On Monday, the first day the trading floor will be closed, the NYSE opening at 9:30 a.m. ET should happen immediately for almost all stocks, subject to certain trading bands. Existing circuit breakers that would halt trading briefly should the S&P 500 decline by 7%, 13% and 20% will continue to be in effect.
The SEC on Saturday noted the rule filings were temporary until May 15 or sooner if the trading floor reopens.
On Saturday night, the SEC tweeted that markets will remain open as usual: "The nation's capital markets have functioned well as market participants have implemented their business continuity plans. NYSE will move to fully electronic trading on Monday. Normal market hours will apply."
As for calls to close trading or shorten market hours, there is no support among market participants. NYSE President Stacey Cunningham, Nasdaq President Adena Friedman and CME CEO Terry Duffy have stated their opposition to closing markets.
There was confusion on trading desks on Friday — particularly those based in New York — when New York Gov. Andrew Cuomo said he wanted 100% of workers to stay home, excluding those services deemed "essential." Were those working in financial services, including trading desks, "essential"?
They are, according to the executive order issued by New York state on Wednesday, which specifically exempts "financial institutions including banks, insurance, payroll, accounting, services related to financial markets" from the restrictions.
Regardless, most trading firms seem to be well on their way to allowing their traders to conduct business at home.