NYSE preparing to operate without human traders in case of disaster
Washington: The New York Stock Exchange (NYSE) is preparing to be able to operate without human traders in case another disaster forces the shutdown of its historic trading floor in downtown Manhattan.
According to report by The Wall Street Journal, NYSE Euronext will submit details of the plan to the U.S. Securities and Exchange Commission.
People involved in the preparations said that if activated, the plan would represent the first time the 221-year-old exchange would rely entirely on computer systems.
According to Fox news, the sources revealed that the disaster plan would shift trading entirely to Arca, NYSE''s all-electronic sister market.
It would replace NYSE''s current backup plan that calls for the exchange to remain open in a limited capacity while sending orders to Arca to be filled, they added.
Superstorm Sandy forced the first weather-related multi-day shutdown of the U.S. stock market in over 120 years when it struck the East Coast in October.