Photo: Wikipedia/Ryan Lawler
For Wall Street, it’s business as usual.The New York Stock Exchange is planning to open on Monday even as hurricane Irene charges up the eastern seaboard toward New York.
“Our plan is to ring that bell Monday morning at 9:30,” Lou Pastina, the head of floor operations for the NYSE told CNBC.
As part of the NYSE’s contingency plan, Pastina said some traders and people at member firms have already booked hotel rooms.
He also said the NYSE has generators for power if necessary.
What’s more is if there is a delay, the NYSE also has electronic exchanges such as Arca so trading can take still take place.
Yesterday mayor Michael Bloomberg issued the first mandatory evacuation in the city’s history for low-lying areas prone to storm surge and flooding.
Those in what has been designated as zone A will have to evacuate by 5 p.m. ET on Saturday.
The NYSE is not in zone A, but banks such as Goldman Sachs on 200 West St. and Citigroup’s TriBeCa offices on 388 Greenwich St. are located in the evacuation zone. Firms such as Nomura Securities, Merrill Lynch Wealth Management and RBC Capital Markets are also in Zone A.
Public transportation might also be an issue for those trying to commute to the city.
The MTA also announced buses, subways, Long Island Railroad and Metro-North will cease operations Saturday at noon.