The New York Stock Exchange is closing its trading floor Monday and going all-electronic after two people tested positive for coronavirus.
Time to fire up that Bloomberg Terminal in the bonus room while huffing hand sanitizer and staying six feet away from the spouse.
Two Wall Streeters who work at the New York Stock Exchange have tested positive for coronavirus. Consequently the exchange has decided to close its historic trading floor Monday, Mar 23. All trading will be done electronically by traders working remotely.
On CNBC’s “Closing Bell,” Stacey Cunningham, President of the NYSE, said:
We implemented a number of safety precautions over the past couple of weeks. And starting on Monday this week, we started pre-emptive testing of employees and screening of anyone who came into the building.
The New York Stock Exchange is one of the last holdouts to work from home. Maybe Wall Streeters weren’t feeling the “clothes mullet” (shirt and tie on top for video conferencing, sweatpants on bottom for comfort).
Several major U.S. automakers have shut down manufacturing plants, 70% of U.S. schools have closed, more than half the states have shut down restaurants and bars, and most Silicon Valley giants have ordered remote work.
But Wall Street is just now catching up to the coronavirus lockdown.
It’s unlikely that remote working to avoid coronavirus will disrupt the New York Stock Exchange’s activities. Their industry has long been one of the most computerized, Internet-connected, and tech savvy.
Indeed, computer algorithms execute the vast majority of trades anyway. A staggering 80% of the daily trading volume consists of trades executed by computers. That means the stock market crash can probably continue uninterrupted (just so long as the computers don’t get any viruses).
Work from home arrangements aren’t the real danger coronavirus poses to the stock market. It’s the recession, or full blown depression that analysts see ahead.
This article was edited by Sam Bourgi.