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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: max power who wrote (60273)	9/16/1999 12:55:00 PM
From: Stuart T	Read Replies (1) \| Respond to of 90042

NYSE Open, Other Markets To Shut Early NEW YORK (Reuters) - The New York Stock Exchange planned to stay open but other financial markets decided to shut early Thursday as Hurricane Floyd threatened to tie up Manhattan in a wet and windy gridlock. As heavy winds and rain whipped the city, the New York Mercantile Exchange and Commodity Exchange said they would close early. The Bond Market Association (TBMA) recommended a 1 p.m. EDT close for U.S. fixed-income markets, and the American Stock Exchange said it was considering the same. The New York Board of Trade said the Coffee, Sugar and Cocoa Exchange and the New York Cotton Exchange markets closed early. The Coffee, Sugar, Cocoa and Dairy Exchange ended trading at 11:30 a.m. EDT instead of the usual close at around 2 p.m. EDT. The Cotton, Orange Juice and FINEX exchange closed at noon instead of the normal closing times of 2:30 p.m. to 3 p.m. for its markets. The CSCE sugar market closed at 11:20 a.m., with cocoa at 11:30 a.m., dairy at 11:30 a.m. and coffee at 11:35 a.m. Heavy rains caused by the approach of massive Hurricane Floyd has made it tough for market participants to reach the trading floor in the World Trade Center in New York. But the New York Stock Exchange, the world's biggest, said it was not considering cutting trading short. ``We have no plans at this point,' said Ray Pellecchia, an exchange spokesman. Public schools in the city were closed, and Mayor Rudolph Giuliani said the city would allow all non-emergency city employees to go home between noon and 3 p.m. to alleviate any possible burden on subways. Giuliani suggested that private businesses institute the same kind of staggered release of employees this afternoon. In the city, the main concern was that if the storm hit hard, highways and subways could flood, stranding thousands of commuters. The TBMA said its decision was due to the expected weather and commuting problems resulting from Floyd and the mayor's recommendation that private businesses close early. TBMA recommendations would apply to trading of U.S. government securities, mortgage- and asset-backed securities, over-the-counter investment-grade corporate bonds, municipal bonds, and secondary money market trading in bankers' acceptances, commercial paper and Yankee and Euro certificates of deposit. TBMA, formerly the Public Securities Association, said individual firms were free to decide for themselves whether fixed-income departments remain open.