"Algos-Only" Tomorrow As NYSE Shuts Floor Trading Due To Sandy

Tyler Durden's picture

The NYSE has just released a statement clarifying its hours tomorrow - due to the storm:

  • *NYSE TRADING FLOOR TO CLOSE TOMORROW; ALL TRADING TO BE ON ARCA

So, hold tight as all those low-lying humans will have left the building in the calm thoughtful hands of Johnny-5 and his friends.

 

Via Bloomberg:

Oct. 28 (Bloomberg) -- The New York Stock Exchange said it will shut its trading floor starting tomorrow and invoke contingency plans to move all trading to NYSE Arca, its electronic exchange, as Hurricane Sandy heads toward the city.

 

“The re-opening of physical trading floor operations is subject to city and state determinations and local conditions; updates will be forthcoming,” NYSE Euronext said in a statement today.

 

NYSE Amex Options will open electronically and NYSE MKT, formerly known as NYSE Amex, will be suspended, the exchange operator said.

 

Full PR:

NYSE to Remain Open for Trading While Physical Trading Floor and New York Building Close in Accordance with Actions Taken By City and State Officials

 

  • NYSE Euronext invokes contingency plans to trade NYSE-listed securities on NYSE Arca
  • NYSE Arca Options and NYSE Liffe U.S. operational; NYSE Amex Options open electronically
  • Updates on re-opening physical trading operations to come

 

New York, Oct. 28, 2012  Respecting the actions taken by New York City and State officials to declare a state of emergency, suspend local New York City transportation beginning this evening, and issue evacuations orders in the proximity of the New York Stock Exchange (NYSE) building , NYSE Euronext (NYX) has decided to suspend physical trading floor operations and invoke its contingency plans to trade all NYSE-listed securities on NYSE Arca, the company's fully electronic exchange, beginning Monday, Oct. 29, 2012. NYSE MKT will be suspended during this period. The re-opening of physical trading floor operations is subject to city and state determinations and local conditions; updates will be forthcoming.

We are open for business and at the same time acting in accordance with actions taken by the city and state of New York, said Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext. We have been in discussions with government officials and regulators, our trading floor community, issuers and other customers.

We will continue to communicate and coordinate activities with regulators and government officials, other market centers, member firms and all of our customers. I would like to acknowledge everyone's outstanding cooperation and singular focus on serving the best interests of people, safety and our capital markets. This is an extremely dangerous and unpredictable weather event, and we support the actions taken by city and state officials. On behalf of everyone at NYSE Euronext, our thoughts and prayers go to everyone impacted by the storm.

This NYSE contingency plan was most recently tested by the industry on March 31, 2012, and allows for uninterrupted trading in NYSE-listed securities in the event the physical trading floor is unavailable. In this scenario, pursuant to NYSE Rule 49 and NYSE Arca Equities Rule 2.100, NYSE-listed trades would be identified on the Consolidated Tape with the NYSE exchange designation N, and quotes would be identified as NYSE quotes on the Consolidated Quote stream. During such a contingency plan, NYSE member organizations will be permitted to enter orders in NYSE-listed securities directly on NYSE Arca, even if not approved as an NYSE Arca ETP Holder. NYSE MKT member organizations that are also Arca ETP Holders may send orders in NYSE MKT-listed securities to NYSE Arca. Quotes and executions in Tape B and Tape C securities on NYSE Arca will continue to be reported as P and there will not be a primary print for NYSE MKT-listed securities. While the NYSE Amex Options trading floor in New York will be closed, electronic trading on NYSE Amex Options will continue normally. NYSE Arca Options will also be operating normally, both electronically and on the physical trading floor in San Francisco, CA.

The NYSE last suspended physical trading floor operations on Friday, Sept. 27, 1985 due to Hurricane Gloria, during which all U.S. markets were closed. For a full list of NYSE market closures, go to: http://www.nyse.com/pdfs/closings.pdf.

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ShortTheUS's picture
Algos-Only Allowed To Trade At The NYSE Tomorrow Due To Sandy

 

In other words, the NYSE will be operating as usual...

It is a bargin my friend's picture

Wooohow...I'm taking the day now  **cough cough**

Skateboarder's picture

It's NaNoWriMo (link for those interested) coming up in a couple of days. A friend of mine is writing a novel as always and he suggested that instead of a novel I compose an album on the acoustic guitar in a month. Sounded like a wonderful idea to me.

This story, however, makes me want to reconsider and write "Night of the Evil Algo."

"I pledge allegiance to the algos
Of the HF traders of Wall Street,
And to the corruption for which they stand,
One clusterfuck, centralized, unregulated,
With unlimited debt and tyranny for all."

;)

Cast Iron Skillet's picture

"It was a dark and stormy night ..."

Yes We Can. But Lets Not.'s picture

So tomorrow is the day, the day the computers take charge, the day we meet the new boss, not the same as the old boss...

SafelyGraze's picture

power outages, polling places flooded and closed
"algorithmic voting" deployed

empty shelves, civil unrest, national guard deployed,
posse comitatus, forced relocation

never let a serious crisis go to waste

thanks a lot, haarp

 

Conax's picture

I got three cans of chili, I shoulda remembered that loaf of bread.. dammit

gold-is-not-dead's picture

Skynet will take over the economy, it's ok.

Mae Kadoodie's picture

Is it true God told Goldman workers to report tomorrow?

michael_engineer's picture

To do their divinely intended work of screwing the muppets and gifting them with unwanted legacies?

upWising's picture

Can Muppets swim?  Can they do a flutter kick?

Sam Clemons's picture

Europe open.  Manipulated US markets closed.  Seems like always a recipe for a red day.

MilleniumJane's picture

Another sale for PM's?  I'm all up for that!

HD's picture

 

 

MU-TH-R 182: Implement special order 937

HAL 9000: I know that you were planning to disconnect me, and I'm afraid that's something I cannot allow to happen.

WOPR: What to play a game?

T-800: I'll be back.

Johnny 5: Johnny 5 is alive!

Wall Street HFT Algo Bots: Abandon all hope.

 

 

beachdude's picture

SDS, SQQQ, DXD. Watch financials, maybe FAZ.

overbet's picture

Has this happened before? How will this work since Arca doesnt have an official opening like NYSE & NSDQ does? No opening orders? Seems strange and chaotic.

slaughterer's picture

Arca order book was always a tricky, misleading algo playground.  

ACP's picture

I wonder if this will be the ultimate grudge match between CME and Arca.

CME platforms open, spoos immediately crash to "zero," Arca follows, HFTs cash in a trillion dollars, trading halted, all trades broken. Both markets close for the day.

HoofHearted's picture

If this is the case, I'm glad to be in on FAZ and SDS already!!!

Gully Foyle's picture
https://www.youtube.com/watch?v=L8OGYrlS704 Sandy the fireworks are hailin' over Little Eden tonight
Forcin' a light into all those stoned-out faces left
stranded on this forth of July
Down in town the circuit's full with switchblade lovers
so fast so shiny so sharp
As the wizards play down on Pinball Way on the boardwalk way past dark
And the boys from the casino dance with their shirts open
like Latin lovers along the shoreChasin' all them silly girls
Sandy the aurora is risin' beh ind us
The pier lights our carnival life forever
Love me tonight for I may never see you againHey Sandy girl
Now the greasers they tramp the streets or get busted for
trying to sleep on the beach all night
Them boys in their spiked high heels ah Sandy their skins are so white
And me I just got tired of hangin' in them dusty arcades
bangin' them pleasure machines
Chasin' the factory girls underneath the boardwalk where
they promise to unsnap their jeans
And you know that tilt-a-whirl down on the south beach drag
I got on it last night and my shirt got caught
And that Joey kept me spinnin' I didn't think I'd ever get off
Oh Sandy the aurora is risin' behind us
The pier lights our carnival life on the water
Runnin' down the beach at night with my boss's daughter
Well he ain't my boss no more Sandy
Sandy the angels have lost their desire for us
I spoke to 'em just last night and they said they won't
set themselves on fire for us anymore
Every summer when the weather gets hot they ride that road
down from heaven on their Harleys they come and they go
And you can see 'em dressed like stars in all the cheap
little seashore bars parked making love with their
babies out on the Kokomo
Well the cops finally busted Madame Marie for tellin'
fortunes better than they doThis boardwalk life for me is through
You kmow you ought to quit this scene tooSandy the aurora's rising behind us
The pier lights out carnival life forever
Oh love me tonight and I promise I'll love you forever
pndr4495's picture

For those of us who lived what Springsteen wrote about in this ballad , it is considered in the top 3 songs he's ever created.  Nowadays though he thinks he's somebody who knows something - and he is only just another typical voice in the political bullshit arena.  He should stay out of areas about which he knows ZERO.

insanelysane's picture

This early stuff is awesome.

Best Satan in Town's picture

Is your cholesterol at goal? Talk to your doctor about Crestor.

CPL's picture

The greater fool theory will be passed into law tommorrow.

JuliaS's picture

I propose we measure the sterngth of natural disasters in QE's based on projected damage. Since QE's are growing exponentially (like the Richted magnitude scale), they'd work perfectly.

Sandy appears to be a QE2 class hurricane.

SolidSnake961's picture

super fun time for skynet!

alstry's picture

In a world where technology produces for everyone, it truly is  http://www.udderworld.com

and there is ZERO HEDGE when you don't need financial instruments to milk people.

How do you think these Wall Street Wimps are going to react when they learn they are worthless?

The Gooch's picture

Why don't you quit milking Zero Hedge?

 

JPM Hater001's picture

I've gotten pretty good at this actually...

Dont up arrow yourself.

We all know.

Lost Wages's picture

Finally, no more pesky organic life forms to muck up the works. The computers and their superior logic can run the markets more efficiently.

max2205's picture

Obama got a call from Rahm E. he said don't waste this crisis.
Cancel the elections till the pols improve.

Obmaerama is looking into it as we speak

No lie

JustObserving's picture

You will not notice any difference.

Time to layoff the parasitic human traders.  Or get Foxconn replacements at 70 cents per hour. It works so well for Apple.

resurger's picture

T-VIX & Skynet, blame the machine

Insideher Trading's picture

Sandy is two to three hundred miles to the South South East of where I am visiting (mid-atlantic region) and I'm right on the beach. It's pretty intense, this system is no joke, wherever it's center makes landfall is going to be bad.

MiltonFriedmansNightmare's picture

Options trading tomorrow, I assume?

Whoa Dammit's picture

Definatley no joke. We have 35+ MPH winds now all the way down here (and all the way inland) in Atlanta

tawse57's picture

Danger! Danger! Warning Wil Robinson! Warning!

(That's one for posters of a certain age.)

Dr. Engali's picture

Once upon a time long long ago where once there were markets traded by humans now are policy tools managed by robots. It's by the buttonwood tree where our story begins....

A Lunatic's picture

......And six feet under the shade of the button wood tree that it surely ends.............

Poor Grogman's picture

SEC regulators looking after robots, looking after your 401k plan, in a hurricane.

What could possibly go wrong....?

JustObserving's picture

Hurricanes can only bend them.  You need thermite for those buildings to collapse.

francis_sawyer's picture

No ~ That's a picture of cave dwelling towelheads practicing their new 'Darth Vader' building warp hand energy beam on the Manhattan skyline... All the more reason we need to get WW3 underway to keep soccer moms safe...

Netanyahu agrees...

adr's picture

considering the normal volatility now in the nat gas and oil trade, since the algos took over, it will be interesting to watch without humans keeping a lid on the price increases.

We may see a 15% rise and fall in milliseconds over and over again.

The big question is where the goals will be set for the algos, and who will be setting them.

After the Amazon and Apple bullshit last week, we surely have no clue where the market is going tomorrow.

BudFox2012's picture

If the market crashes tomorrow and no one is there to see, is it still fraud?