Exchanges losing an estimated $1 million each day they are closed
- Share via
Stock and options exchanges are losing $1 million in transaction fees each day they are closed because of Hurricane Sandy, according to an industry analyst’s estimate.
Richard Repetto, a principal at Sandler O’Neill, said the giant storm would likely cost NYSE Euronext, Nasdaq OMX Group and the Chicago Board Options Exchange $1 million in net trading revenues each day they are closed.
But the closures of the exchanges Monday and Tuesday would likely cost a loss of a penny or less of earnings-per-share for the public companies that operate the exchanges, Repetto said in a note.
The New York Stock Exchange and Nasdaq, both of which were closed Monday and Tuesday, are testing systems in anticipation of a possible reopening on Wednesday.
Hurricane Sandy was the first weather event to close the Big Board since Hurricane Gloria did so in 1985.
ALSO:
Nearly 14,000 flights canceled because of Hurricane Sandy
Feds hopeful Hurricane Sandy won’t delay Friday’s jobs report
Report: Sandy could cause $88 billion worth of residential damage
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
