From Gasparino, news that makes a lot of sense.
Here’s a release obtained by Business Insider:
The NYSE will invoke contingency plans for trading away from the NYSE facility on Monday, October 29, 2012 and all NYSE listed securities will trade on NYSE Arca, from 9:30 a.m. though 4 p.m. ET.
The decision to NOT open the NYSE Trading Floor for trading is being made due to the increasing potential severity of Hurricane Sandy and the fact that the MTA has announced the suspension of all commuter train, subway and bus service beginning at 7:00 PM tonight. Bridges and tunnels may be effected as well as the storm impact develops. NJ Transit has also announced system wide suspensions of service including PATH service and all NYC public schools have been ordered closed as well.
The contingency plan mentioned , known as ‘Print as N’, was most recently tested by the industry on March 31, 2012, and allows for uninterrupted trading in NYSE-listed securities in the event trading is unavailable on the NYSE Trading Floor. In this scenario, pursuant to NYSE Rule 49 and NYSE Arca Equities Rule 2.100, NYSE-listed trades would be identified on the Consolidated Tape with the NYSE exchange designation ‘N’, and quotes would be identified as NYSE quotes on the Consolidated Quote stream.
During such a contingency plan, NYSE member organisations will be permitted to enter orders in NYSE-listed securities directly on NYSE Arca, even if not approved as an NYSE Arca ETP Holder.
NYSE MKT member organisations that are also Arca ETP Holders may send orders in NYSE MKT-listed securities to NYSE Arca. Quotes and executions in Tape B and Tape C securities on NYSE Arca will continue to be reported as ‘P’ and there will not be a primary print for NYSE MKT-listed securities.
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