CME, CBOE, other markets closed for Hurricane Sandy; over 400 local flights scrapped
Crain’s Chicago Business
CME Group Inc., the New York Stock Exchange and other U.S. financial markets are shutting down today as Hurricane Sandy bears down on the nation’s largest city. It is the the first unplanned shutdown of financial markets since 2001.
CME Group will suspend trading of equity index futures and equity index options starting at 8:15 a.m. CDT. It had already announced the closing of the New York Mercantile Exchange, or NYMEX, whose trading floor is located inside a mandatory evacuation zone.
** Unfortunately this is impacting the FIA Expo in Chicago this week as many people from the East Coast are not going to be able to make it due to flight cancellations. Also making for a slow news day as far as markets news is concerned. –JB Brokers Fretted Over NYSE Backup Plan For Hurricane -Sources
Jacob Bunge and Jenny Strasburg, The Wall Street Journal
Exchanges abandoned plans to open for electronic trading Monday after broad resistance from banks and brokers who worried about the safety of staff and potential problems with the New York Stock Exchange’s method of shifting its main stock market to an electronic backup, according to persons involved in the discussions.
Short notice of NYSE Euronext’s (NYX) plan to run the Big Board on the company’s all-electronic Arca exchange posed potential difficulties that brokers were not prepared to address with a little over 12 hours to go before trading was to begin, according to these people.
http://jlne.ws/Uaj7Bp European markets feel the force of ‘Frankenstorm’
Tim Cave, Financial News
The forced closure of major stock exchanges in the US could send trading volumes in Europe plunging by over a quarter and lead to the slowest trading day of the year, according to market participants, adding further woes to the region’s already subdued equities market…
The ramifications are already being felt in European markets, with activity resembling “New Year’s Day volumes” in this morning’s trading session, according to one trader.
http://jlne.ws/TqipTY Equities trading bounces back
Giles Turner, Financial News
Equities trading, written off by many, bounced back over the three months to September, with US investment banks posting an increase over the previous quarter. A closer look at the detail shows the growth has mainly been experienced by those with more diverse equities businesses.
ExchangesTokyo, Osaka Bourses to Merge Derivatives Trading
Kana Inagaki, Down Jones Newswires (via Fox Business)
Japan’s two largest stock exchanges said Monday that they will aim to integrate their derivatives trading platforms by March 2014, outlining key details of a merger that is expected to become effective in January.
The Tokyo Stock Exchange and Osaka Securities Exchange Co. (8697.JA) also officially announced that they will aim to merge their cash-equity platform in July.