Exchanges, asset managers and trading firms on the north-east coast of the United States are on standby with emergency protocols because of a brutal winter storm.
New York City has declared an emergency across the state, as Winter Storm Juno led to a ban on all ‘non-emergency vehicles’ from city centre from 2300 hours last night.
Today’s planned $26 billion two-year Treasury sale has been postponed until Wednesday and the $36 billion five-year sale has been pushed back from Wednesday until Thursday.
Some companies delayed reporting earnings and several financial conferences organised in the city have been postponed.
The US National Weather Service put in place a blizzard warning until 1200 EST with heavy snow forecast throughout Tuesday and a wind chill of -13 degrees Celsius.
Exchange operators have moved to reassure market participants that markets would operate as normal today, however. Nasdaq, NYSE and BATS Global Markets have all advised members of the media that they hoped to remain open.
Intercontinental Exchange – the parent company of the NYSE Group and BATS Global Markets have backup facilities in Chicago should they need to switch their centres of operation.
Three years’ ago Superstorm Sandy closed the stock markets when the storm led to mass flooding and power cuts.
Trade group the Securities Industry and Financial Markets Association yesterday released a statement commending that fixed income markets remained open, however.
It said: “SIFMA’s Emergency Command Center remains in close co-ordination with our member firms, exchanges, industry utilities, regulators and public sector emergency managers.”
Weather forecasters are hoping that the bad weather will be short-lived with better conditions forecast for Wednesday.