NYSE Tests New Contingency Plan Today

From the WSJ: U.S. stock exchange operators are preparing to test a new contingency plan Tuesday morning to ensure domestic equity trading restarts this week.  Under the backup plan outlined late Monday, all trading in NYSE-listed securities would execute on the Arca exchange, according to the notice from NYSE Euronext..

The broader plan outlined Monday night by NYSE and rival exchange groups BATS Global Markets Inc. and Direct Edge Holdings LLC would see the Big Board operator's all-electronic NYSE Arca platform handle critical opening and closing auctions.

The New York Stock Exchange and the smaller NYSE MKT exchange would remain closed under the plan being discussed,  The plan deviates from a proposal floated Sunday by NYSE Euronext, which involved operating the New York Stock Exchange using Arca's systems. This drew concerns from brokerage officials worried that they weren't properly prepared for the unconventional approach.  Under the plan outlined late Monday, all trading in NYSE-listed securities would execute on the Arca exchange, according to the notice from NYSE Euronext……

Find out more at http://online.wsj.com/article/SB10001424052970203335504578087651091664508.html?mod=WSJ_hps_LEFTTopStories