Interviews

New York Stock Exchange to close second consecutive day

NYSE Euronext COO Larry Leibowitz on current plans

 

This is a rush transcript from "Your World," October 29, 2012. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST OF "YOUR WORLD": To Larry Leibowitz. He's the chief operating officer over at the New York Stock Exchange.

Larry, that is the plan, I guess, Wednesday to resume activity, right?

LAWRENCE LEIBOWITZ, COO, NEW YORK STOCK EXCHANGE: Well, that's the plan.

Weather is an uncertain thing, but that's what we in the industry are all working hard to get to.

CAVUTO: All right.

Now, obviously, people forget that when trading is shut down, you can't trade within your 401(k). You can't really do much of anything and even volume abroad is affected because many trade off of the United States and back and forth. Do you think that there are going to be long-term financial impact from this? Or do you see it playing out?

LEIBOWITZ: No, I don't think so. I think if it's a natural disaster; you know there's a lot of things going on, I think that it won't really impact long-term investor confidence. If it's a two-day interruption, I think most people understand the level of crisis facing the East Coast right now. And I think people have been pretty understanding about it.

CAVUTO: What people forget about the geography of that area, as you well know, Larry, is it's very slow and the areas get very, very flooded and that happened after 9/11 when there was a great deal of flooding of the existing backup systems.

And that was among the reasons why there was a delayed opening of the exchanges. So, obviously, you are keeping an eye on water levels, right?

LEIBOWITZ: Yeah, of course.

Honestly, it's not just us. Many of the other financial firms here in Lower Manhattan and everywhere in the city where you've got workers who are either stranded or trying to come to work but can't, but particularly Lower Manhattan. Around the edges, around the rivers is where clearly the storm surge area is at its highest.

CAVUTO: All right, Larry, thank you very, very much. We appreciate it.

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