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NYSE prepares disaster-backup plan
Posted By -NO AUTHOR- On 03/10/2013 @ 12:32 am In Money | No Comments
(Reuters) 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 (NYX.N) 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.
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