NYSE – Seriously???

Posted on October 30th, 2012 by David Greenberg

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While I was an NYMEX board member from 2000-2007, everyone on the NYMEX Board was part of a team that had the Exchange up and running during massive storms. There was always a team in place to make sure we given our best efforts and did everything we could to have the floor open to traders the day after any act Mother Nature threw our way.  We had to make sure that the 2,000 people we had in the building got there safely and that the WORLD knew that trading in Metals and Energy’s would be open.  As a trader, I would often spend nights before and after a storm in hotel rooms that were booked in advance.

This is the modern age.  No storm hits like it use to when we were in grade school. Gone were the days of  morning surprises with you mom opened up the curtains and said “Guess what? You have a SNOW DAY!”  Today, we know about storms that are approaching well in advance.  And, ever since Sept 11th, 2001, all Exchange said they would never be placed in the position of not being open.

NYMEX spent millions of dollars building a secret site in Lake Success that was so secret the day it was finished it was one the front page of the business section of the New York Times.

So much for keeping a secret at NYMEX. But then again NYMEX politics was a contact sport !!

Take a trip back in time and realize that this is before electronic trading was allowed during the day.  11 years later and we are looking at over 95% of the trades being done electronically.

We’ve had a week’s notice of Hurricane Sandy approaching.  Now she is about to hit and the Stock market and other Exchanges are not open. The Globex servers on in Chicago – The NYSE I would doubt are in the basement in Wall Street and what ever happened to the disaster recovery we all planned for and spent time and money to get into place?

This is it? If so the world now knows once again America has sadly fallen behind and should be embarrassed. I understand well the danger of this storm and I would never want to put anyone in harms way.  I wouldn’t want the Exchanges to have anyone do more than the boards and the members of past exchanges did. But, someone tell me, please, why is it that we are doing less than we’ve done in the past at a point in time when most of the trading is done without humans at all there?! There is just no excuse for this.

What has happened to us? What has happened to the American work ethic? What happened to our “we can deal with anything “even if it takes more time and more work?” attitude? The NYSE has shed a dim light on where we are headed and has not made the traders that walked miles in cab strikes – plowed their way to the Exchange in a foot of snow, nor the Boards of the Exchanges that came back on Sept 12th, 2001 in the smoke and destruction of the World Trade centers proud in any way shape or form.

The real question now is How do the American Exchanges act in the next natural or manmade disaster or event that causes chaos?

For the 6 people in the crude/heat/gas put would not have been missed
if the markets has been open – even if it was for just a few hours

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This entry was posted on Tuesday, October 30th, 2012 at 10:00 am and is filed under Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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