Exchanges closed , how much time was warning before closing down ?

total_keops · Jan 30, 2009

It's so hard to get an answaer here, JFGI. Part of the answer...
http://www.investopedia.com/ask/answers/07/circuitbreaker.asp

murray t turtle · Jan 30, 2009

Quote from fluttrader:

For example on 9/11 , how much time was the warning given before they closed down ?

===========================
fT-trader;
None.

However since then,all of them , & its a matter of public record;
have a plan '' b''- back up different location /diversification.

Same requirement for US brokers.

Not meaning it could never happen;
meaning much more difficult......................................................

Landis82 · Jan 30, 2009

When I was trading stock-index futures on the floor back in October of 1987, there was a day when we stopped trading for 2 hours ( if my memory serves me correct ).

I think that we were given a 20-30 minute "heads-up" back then.

During the first bomb-blast at the World Trade Center in March of 1993, guys just walked out of the pits and left . . . there wasn't even a closing bell and God knows who determined the settlement.

zdreg · Jan 30, 2009

Quote from PAPA ROACH:

I thought that question was clear enough, but here is another way of asking it-

do you think the exchanges are going to close down from an event, and what is that event?

banks are nationalized.

S2007S · Jan 30, 2009

Quote from zdreg:

banks are nationalized.

That could be the next step taken if something doesnt get done with this plan of a "bad bank plan".

Talk about a drop in the markets if this were to happen.

PAPA ROACH · Jan 30, 2009

Quote from zdreg:

banks are nationalized.

If the banks were nationalized, given the share value is very little to begin with, one could forsee it happening over a weekend and shareholders getting cashed out at the friday close.

I may be dead wrong, but I have doubts they would shut down the market over nationalizing a bank or 2.

stts · Jan 31, 2009

Quote from jeb9999:

The NYSE was closed for 4 business days from 09/11/01 to 09/14/01 and opened for trading on 09/17/01.

Please specify which federal regulations regulate exchange closings.

If you really want to know which regulation, your going to have to look it up yourself. But I am quite sure Federal law forbids 4 day closings except unavoidably 9/11. That is why they are open short days after thanksgiving and before Xmas. Thats how they cheat to half way get their 4 day holiday.

As far as the 9/11 markets open, I must have remembered wrong about when they opened. I thought they opened friday for a short period to comply with financial laws.

And yes Banks also cant be closed 4 consecative days.

Oh and now i see the guys original question was about circuit breakers. I couldn't tell that was what he was talking about. Those are only used in the event of a heavy market sell off. Not for 9/11 style events. Do another 9/11 style event and people will drop everything and run like hell, even quicker than they did before. Thats the plan b circuit breaker.

startraitor · Jan 31, 2009

There was a link to a trading room log at one time from 9/11. If anyone has it please post link, runs every scenerio and emotion in the book.

stts · Jan 31, 2009

Quote from PAPA ROACH:

I may be dead wrong, but I have doubts they would shut down the market over nationalizing a bank or 2.

It could happen. If we wake up monday morning and Obama comes on TV and says he padlocked and nationalized all the banks and saved the economy. The sell off will be so huge those circuit breakers will pop and the markets would shut down.

jeb9999 · Jan 31, 2009

Quote from stts:

If you really want to know which regulation, your going to have to look it up yourself. But I am quite sure Federal law forbids 4 day closings except unavoidably 9/11. That is why they are open short days after thanksgiving and before Xmas. Thats how they cheat to half way get their 4 day holiday.

As far as the 9/11 markets open, I must have remembered wrong about when they opened. I thought they opened friday for a short period to comply with financial laws.

And yes Banks also cant be closed 4 consecative days.

I cannot look up a regulation that does not exist. Please note that after the 6 consecutive day closure after 9/11 the NYSE was closed 4 consecutive days from 12/30/2006 through 01/02/2007.