Our millions of followers here at MlpReport.com will remember that back in November 2012 we reported that New York Stock Exchange stakeholders should be outraged over the NYSE shutting down due to hurricane Sandy. As we reported correctly (Ya for Us), the vast majority of trading occurs electronically, and a financial services firm such as the NYX should have the back up plans in place to not interpret operations.
“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. A NYSE spokesman declined to comment on the report.
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.”
We don’t always nail it like we did with this Corporate Governance item, but when we do we felt it necessary to point it out to our readers. As we attempt to remain humble here in the newsroom, we remind ourselves “it’s better to be lucky then good.”