After Hurricane Sandy hit the Northeast hard this past year, many companies in NYC worry about their base functioning if another disaster were to effect the employees from working.
The New York Stock Exchange is currently working on a backup plan that will help it run even if a super disaster makes it unfunctionable by humans due to a city shut down.
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According to Reuters, the Wall Street Journal is reporting that the preparation for the plan is fully underway.
They report:
NYSE Euronext (NYX.N) is preparing to submit details of the plan to the U.S. Securities and Exchange Commission, according to the report, which cited people involved in the preparations. If activated, the plan would represent the first time the 221-year-old exchange would rely entirely on computer systems, without the oversight of floor-based traders, the paper said.
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The plan involves shifting trade to Arca, which is the NYSE’s sister market, and replace their current back up plan which “calls for the exchange to remain open in a limited capacity while sending orders to Arca to be filled.“
After Sandy, the Stock Exchange in the Big Apple was forced to shut down for multiple days due to the city’s power outage and workers were unable to get to the Wall Street location.
