The New York Stock Exchange's trading floor on Wall Street has been shut down since March 23 as its owner, Intercontinental Exchange, has shifted to a fully-electronic system.
"It's absolutely our intention to reopen all of our trading floors, and we'll do so as soon as we believe it's able to be done in a way that reduces the risk for the trading floor community and our employees," Michael Blaugrund, chief operating officer of the NYSE, told Cheddar on Friday.
NYSE has begun that process on the West Coast, as it prepares to partially open its options trading floor in San Francisco, with multiple safety precautions taken.
"On a typical day, we might have 70 people in that facility," Blaugrund said. "We'll have less than half of that on Monday."
There will be medical screening, enforcement of strict social distancing rules, and changes to choreography on the trading floor. Face coverings will also be required for everyone in the building.
The New York-based trading floors will remain closed though, and there's no telling when the world-famous investing buzz will return to 11 Wall Street.
"The local conditions in New York City are much different than in San Francisco," Blaugrund explained. "Including the significant dependency on public transportation for the hundreds of people that work on the New York Stock Exchange floor."
Blaugrund says it's likely that the reopening of the New York trading floor will be similar to that of San Francisco's phased approach.
"Even though we don't know when we'll reopen, we can begin thinking about how we will reopen," Blaugrund said.
In the meantime, the NYSE has been able to collect data on the value of physical traders by comparing metrics that often affect market volatility.
"For the first time, we've been able to research... 'how much is the out-performance attributed to the human interactions?'" Blaugrund said.
According to NYSE's research, humans on the floor lead to more accurate auction pricing, which limits volatility in the market.
"It's been very gratifying to see that the human interactions on the trading floor create millions of dollars of savings every day for normal investors."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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