Core Viewpoint - The New York Stock Exchange (NYSE) has a regulatory framework that governs trading closures due to severe weather events, with historical precedents showing how various storms have impacted trading operations. Group 1: Historical Weather Events Impacting NYSE - Hurricane Sandy in 2012 led to a two-day total shutdown, marking the first multi-day weather closure since 1888 [1] - Hurricane Gloria in 1985 was the first hurricane to cause a full-day closure of the NYSE [2] - The Great Blizzard of 1888 resulted in a two-day closure, a duration not matched until Hurricane Sandy [3] Group 2: Regulatory Framework and Trading Operations - Under NYSE Rule 7.1, the CEO has the authority to halt or close trading due to extraordinary circumstances, including severe climatic conditions [4] - The NYSE's operational integrity relies on the ability of specialists and Market Makers to access the trading floor; if they cannot, trading cannot function in a fair manner [5] - Electronic trading has improved market resilience, but total shutdowns remain possible if personnel safety is at risk [6] Group 3: Infrastructure and Electronic Trading - The NYSE's U.S. Liquidity Center in New Jersey can support continued operations during extreme weather, processing billions of shares daily [11] - The Mahwah facility proved effective during the 2020 pandemic, allowing the NYSE to operate as a fully electronic exchange [12] - The U.S. Liquidity Center is designed for survival, featuring security measures and emergency power capabilities [13] Group 4: Market Reactions and Risks - Historical data shows that market reactions after weather-related closures can be volatile but are often resilient [19][20] - The "Gap Risk" is a concern for traders, as market closures prevent reactions to global news, potentially leading to significant price jumps upon reopening [21] - Past events indicate mixed market responses, with some closures leading to subsequent rallies, such as the 16.5% increase following Hurricane Gloria [23]