NYSE president: Opening trading floor allows better price discovery, efficient markets
NYSE President Stacey Cunningham discusses the value of reopening the trading floor after being shut down by coronavirus.
The New York Stock Exchange is set to reopen its famed trading floor Tuesday, but it won’t be going back to normal.
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Only one-quarter of the NYSE’s usual population of traders will be back when the floor resumes business after a two-month closure prompted by the coronavirus pandemic. Traders who return must wear masks, avoid taking public transportation and follow tough social-distancing rules, with newly erected Plexiglas barriers to help them stay apart.
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A visitor ban means splashy bell-ringings and celebrations to mark initial public offerings won’t be happening anytime soon. Media organizations that broadcast from the floor, like FOX Business aren’t coming back yet either.
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To return to their jobs, floor traders must sign a liability waiver that prevents them from suing the NYSE if they get infected at the exchange. They must acknowledge that returning to the floor could result in them “contracting Covid-19, respiratory failure, death, and transmitting Covid-19 to family or household members and others who may also suffer these effects,” according to the waiver, a copy of which was seen by The Wall Street Journal.
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