Joe Mecane on Getting the Exchange Running Again

NYSE Trading floor (Photo credit: Serenitbee)

In an interview with Financial News, Joe Mecane, head of US equities at NYSE Euronext, spoke about what went on behind the scenes to get us up and running.

A brief excerpt below. For a full article, please go directly to Financial News site (www.efinancialnews.com/story/2012-11-01/joe-mecane-head-us-equities-nyse-euronext)

Financial News: How long did it take you to start putting contingency plans into action after the reports of Hurricane Sandy approaching last week?

Joe Mecane: We were keeping a close eye on the forecasts but when the MTA [Metropolitan Transportation Authority] said it would be suspending all public transportation from Sunday evening that put a different take on the situation. We needed to make sure the building was secure and make changes to the plan.

FN: Duncan Niederauer, NYSE Euronext’s chief executive, said on Bloomberg Television this week that the exchange could have operated electronically. So why did this not happen?

JM: Our first announcement was based on factors within our sole control, and so we decided to trade purely electronically without any market-makers on the floor. Once the industry heard our decision and it was discussed with trading firms, other exchanges, regulators and city officials, we came to a collective decision that it was better for the industry to close than to put people in harm’s way.

See FInancial News for more.