Update: Hurricane Sandy Forces Govt,Mkt,Transit Closures DC,NY

Author: Market News International | Category: News

Author: Market News International

-NYSE Euronext to Close Completely Mon, Likely Tues
-Federal Govt in DC Closed, Bond Market Closes at Noon
-Commerce Dept Personal Income Release, Tsy Auction to Proceed

WASHINGTON (MNI) – Hurricane Sandy, the dangerous monster storm
some models predict could be a 500-1,000-year storm, has forced
government and market closures in Washington and New York, as the Mid
Atlantic and Northeast brace for the worst of the impact.

The Federal government announced offices in Washington will be
closed Monday and public transit systems in the two cities have been
shutdown for Monday and probably Tuesday, as has much of the intracity
train and air transportation.

With wind and rain already hitting a wide swath of the Eastern
United States, NYSE Euronext confirmed press reports that its markets
will be completely closed Monday and likely Tuesday, after announcing
earlier Sunday that it would conduct electronic trading and close the
physical trading floor.

The Wall Street Journal reported customers complained about the
partial closures to the exchanges and regulators.

NYSE Euronext said in a statement the decision was made “In
consultation with other exchanges and market participants,” and added
“We will work with the industry to determine the next steps in restoring
trading as soon as the situation permits.”

The Securities Industry and Financial Markets Association
recommended a noon ET closure for fixed income markets.

President Barack Obama has signed emergency declarations in several
East Coast states and the District of Columbia, and New York announced
mandatory evacuations in some areas, as the storm surge is projected to
reach 6-11 feet, compared to four feet in Hurricane Irene.

However, despite the Federal government closure, the Commerce
Department will release September personal income data as scheduled at
8:30 a.m. ET, via its web site, the Treasury 4-week bill auction will
proceed, and quarterly borrowing requirements are due out on schedule.

The Federal Reserve and its Fedwire will be open.

The CME Group said the NYMEX’s trading floor will be closed Monday,
since the NYMEX World Headquarters and New York trading floor are in the
mandatory evacuation zone.

However, all electronic markets will open at their regularly
scheduled times on CME Globex and CME ClearPort, the CME Group’s online
electronic platforms.

The Depository Trust & Clearing Corporation confirmed it will
maintain operations Monday. Deadlines for clearing fund, settlement and
other processes will be as usual. All other services will proceed
normally, with the exception of all securities certificate processing
services.

The SEC said it will grant relief for firms unable to access system
or process the reserve calculation from Friday, under certain
conditions.

** MNI Washington Bureau: 202-371-2121 **

[TOPICS: M$U$$$,MGU$$$,M$$FI$,MAUDS$]

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