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After Peter Tuchman left the New York Stock Exchange in March, he worried he would not be returning.
“I have come close to death,” he says.
Known asThe most photographed man on Wall StreetTuchman has a dizzying expression that instantly tells you if stocks are going up or down. He contracted COVID-19 early on, and he’s had health issues since then. Tuchman didn’t return to the trading floor full time until November.
Since the stock market reopened the famous trading floor last May, after a temporary shutdown, I have worked with a structural crew on site.
Starting Monday, that will change. If 100% of the company’s merchants are fully vaccinated, they can start sending more of them to Earth. They will be able to have lunch at their stalls again. Masks will be optional in some parts of the floor.
For Tuchman, this is another step forward on the road to normality. “We, as those who stayed here, are important, relevant and important,” he says.
The exchange is outside
The New York Stock Exchange stands out among its competitors. These days, most markets do not have trading floors; They are all electronic. Last week, CME announced that it would not reopen most of its trading positions in Chicago, which it had closed during the pandemic.
In 2020, when the New York Stock Exchange decided to send its traders home, there was speculation that it could herald permanent change.
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“A lot of us thought, well, they might take the opportunity to get rid of it once and for all,” says Joel Hasbrooke, Kenneth J. Langone Professor of Business at New York University. “But they didn’t. They took her back.”
He says there is still an argument for a conventional trading floor. It can make complex transactions easier, and there is a benefit in having some negotiations face-to-face.
Stacy Cunningham, president of the New York Stock Exchange, embraces its position as an offbeat nation.
“It is absolutely true that you can run the market without a trading floor,” it says. “The difference is that you get a much better result when you integrate people and technology in an integrated way.”
This is an offer she and her colleagues make to companies that are considering selling shares to the public.
The lure of the iconic bell
Cunningham also likes to play the foundation’s long history. The familiar roaring chime of a large bell indicates the opening and closing of the day’s trading. The New York Stock Exchange website indicates that Bell ringing – The ding, ding, and ding broadcast on television news – is more than a color tradition that began in the 1870s. It is critical to the orderly functioning of the market, ensuring that no trades are made before the opening or after the markets close.
The sound of the bell has been trademarked, with one expert describing it this way:
“ The brass chime tuned to pitch D, but in a D-sharp tone, struck nine times at a fast pace, while allowing the final pitch to ring until the sound fades out naturally.
The rhythmic pattern is eight sixteen quarter notes; The total duration, from hitting the first note to the end of the decay in the last note, is just over 3 seconds.
The bell is part of the pomp and celebration that comes with an initial public offering on the New York Stock Exchange. Always flocking to a small balcony overlooking the trading floor, corporate executives would ring the opening bell the day their shares began trading. These days, there are no crowds, and the executives often show up via the video link.
But the companies are keen to restart the tradition, and Cunningham says they expect the exchange will welcome them back into the building soon.
Cunningham does not expect everyone to return immediately, and despite the change in rules, she believes merchants will return to the building gradually.
“One of the guiding principles that we had throughout this process was responding to local conditions, increasing and easing restrictions as those conditions change,” Cunningham says.
Last weekend, Governor Andrew Cuomo announced that the positivity rate in New York City had dropped to less than 1.5%, and nearly half of New York State’s adult population had been fully vaccinated.