(Business Insider) The New York Stock Exchange said on Wednesday it would temporarily close its iconic trading floors as measures aimed at slowing the spread of the novel coronavirus continue to force Wall Street to adapt business practices.
NYSE said in a statement it would move to fully electronic trading starting on Monday, and would be initiating its business continuity plans.
"Our markets are fully capable of operating in an all-electronic fashion to serve all participants, and we will proceed in that manner until we can re-open our trading floors to our members," said Stacey Cunningham, president of NYSE, in a statement. "While we are taking the precautionary step of closing the trading floors, we continue to firmly believe the markets should remain open and accessible to investors."
The closing of NYSE's trading floor follows moves from exchange operators CME Group and Cboe Markets, both of which closed their Chicago-based trading pits this week. Some have suggested the money saved from the temporary closures could push exchange operators to choose to keep them closed forever.
NYSE last closed its famous trading floor in 2012 during Hurricane Sandy, however the markets shutdown entirely. As reported by the Wall Street Journal, NYSE's electronic-only contingency plan has never been tested while the markets have been open.
CNBC reported Wednesday NYSE's closure of its trading floor comes after two people tested positive for coronavirus during screenings.
On March 12, Cunningham said in an interview with CNBC that NYSE had no plans to close the trading floor.
"If there is an outbreak, we can clean the floor and reopen pretty quickly as well," she said. "We're not planning to close the floor at this time, but as you mentioned, we could trade fully electronically."
