Treasury Secretary Steven Mnuchin has sparked a global debate by suggesting New York’s trading day could be shortened for a time to help calm stock markets rocked by coronavirus
LONDON - U.S. .
The New York Stock Exchange , for example, closed for four days following the 9/11 attacks in 2001, for two days during a severe hurricane in 2012, and for the rest of the day after President John F Kennedy’s assassination in 1963. There are already roadbumps known as circuit breakers to deal with extremes in trading, and they have been triggered several times on the NYSE in recent sessions to halt dealings for a few minutes.
OTC trading would need to be stopped as well to avoid users having an unfair advantage over other market participants. OTC trading base prices stem in many cases from exchanges. Four EU countries have gone ahead with bans on short selling but others have refused to follow suit. The bans have not stopped a broad market rout in shares across Europe.
Bank of England Governor Andrew Bailey said on Wednesday that as long as markets are not out of control, then keeping them open is important. The London Stock Exchange has said it has no plans to suspend trading.
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