×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: nyse | reopen | trading | floor

NYSE Will Reopen Trading Floor to Some Market Makers Wednesday

NYSE Will Reopen Trading Floor to Some Market Makers Wednesday
(Mohamed Ahmed Soliman | Dreamstime.com)

Monday, 15 June 2020 03:11 PM EDT

The New York Stock Exchange said it will allow a limited number of market makers to return to its historic trading floor Wednesday.

A couple dozen designated market makers will be permitted to come back this week, adding to the 25% of participants who returned when the floor partially reopened on May 26. They’ll have to sign waivers and submit to medical screenings and random testing for the coronavirus. Inside the venue, they’ll be required to practice social distancing, wear face masks and deal with market activity via hand-held devices instead of open outcry.

“This is a really important milestone for us,” NYSE Chief Operating Officer Michael Blaugrund said in an interview. “The expectation is that we’ll have the human DMMs to provide the manual opening and closing auctions, which are critical for price discovery and liquidity.”

Designated market maker GTS plans to send eight staffers back to the venue, about half its usual level, Chief Executive Officer Ari Rubenstein said. Buy-side clients have been pushing for the return of DMMs before so-called quadruple witching this Friday, when options and futures on indexes and equities expire; the re-balancing of Russell indexes next week; and the start of corporate earnings season, he said.

“We’re about to go into a very, very busy period,” Rubenstein said. Quadruple witching is “a day fraught with a lot of risk because the orders are very large going into the close at the end of the day, and that’s typically a time that the human oversight that exists on the floor can shine in sanity-checking some of these orders, having liquidity there ready to go if there’s market displacement.”

© Copyright 2023 Bloomberg News. All rights reserved.


Markets
The New York Stock Exchange said it will allow a limited number of market makers to return to its historic trading floor Wednesday.
nyse, reopen, trading, floor
273
2020-11-15
Monday, 15 June 2020 03:11 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved