The New York Stock Exchange is readying plans to be able to
operate without human traders in case another disaster, such as Superstorm
Sandy, forces the shutdown of its historic trading floor in downtown Manhattan,
The Wall Street Journal reported.
NYSE Euronext is preparing to submit details of the plan to
the U.S. Securities and Exchange Commission, according to the report, which
cited people involved in the preparations. If activated, the plan would
represent the first time the 221-year-old exchange would rely entirely on
computer systems, without the oversight of floor-based traders, the paper said.
The 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...
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