The New York Stock Exchange (NYSE) is moving to all-electronic trading by shutting its trading floors in New York and San Francisco.
The NYSE’s owner, Intercontinental Exchange, Inc. (ICE), announced that the exchange is triggering its business continuity plan and will shift to electronic-only trading on March 23 at the market open.
As a result, it will close its equities and options trading floors in New York, along with its options trading floor in San Francisco.
“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,” said Stacey Cunningham, president of the NYSE.
Cunningham said that all of the NYSE’s markets will continue to operate their normal trading hours despite closing the trading floors.
“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,” she said.
In fully electronic mode, the exchange’s designated market makers will connect to the exchange electronically, but floor broker order types won’t be available.
Also, open-outcry trading will be suspended with the closure of the options trading floors.