“Markets Must Remain Open”

“Markets Must Remain Open”

The New York Stock Exchange has been working closely with government officials and regulators who all support keeping its floor open to help dampen the market’s volatility at this period of time, and steps are being taken to keep them safe from coronavirus, NYSE President Stacey Cunningham said Wednesday.

People on the floor want to provide the value that they do to investors every single day,” Ms. Cunningham said in a TV interview. “They want to come in, but we have taken precautions to protect them and their communities.”

Social distancing has been in play on the floor so that there are not so many people close together, and several measures are being taken to try to keep trades safe, said Ms. Cunningham. 

We sent hundreds home to work remotely,” said Ms. Cunningham, and many traders are joining up for teams, so they are covering for each other to keep the numbers of people on the floor lower. 

Also, everyone coming into the Stock Exchange ‘s building is screened on the way in for symptoms, and are asked to leave until they are tested for COVID-19, and are not allowed in while they wait for their test results. 

The markets must remain open, said Ms Cunningham, even if the floor is shut down temporarily. 

Closing the markets is a very different thing than closing the floor,” she said. “We feel strongly markets need to remain open, and that is a view shared by the administration, shared by our regulators, and by industry more broadly…closing the market one does not stop the market’s anxiety.” 

People must be able to have access to their money“, said Ms. Cunningham. 

We are not a country that is going to say you just cannot have access anymore because we do not like the way markets are moving,” she said. “People should be focused on the long term. We will get through this. The markets will recover if we step back.”

Have a healthy day.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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