NEW YORK (TheStreet) -- On the one-year anniversary of Hurricane Sandy, the New York Stock Exchange's (NYX) Head of Operations, Lou Pastina, tells TheStreet that the Exchange's emergency backup plans are more robust than ever. Even pre-scheduled events such as initial public offerings would have the option of moving forward in the face of another weather-triggered event in New York, he says.
The New York Stock Exchange's Print as "P" plan, allowing the switch to an electronic trading system through the NYSE Arca platform, formerly known as the Archipelago Exchange, has undergone numerous tests over the past year involving trading firms throughout the U.S. financial sector, Pastina said. The NYSE Arca's key datacenters are located in both New Jersey and Chicago.
The most difficult task for the NYSE is preparing systems to assure that enormous amounts of data are sufficiently backed up, including trades that may be in the process of being executed, Pastina said. And though machines handle the bulk of the chores, a minimum staff presence may be needed at the NYSE floor in Manhattan to help facilitate some aspects of the electronic trading system, he added.
Ultimately, the safety of the people is of course of the utmost priority, first and foremost. If their lives could be in any kind of jeopardy, halting the backup system would take precedence, Pastina said.
The NYSE's disaster recovery efforts for 9/11 and Sandy remain completely distinctive from each other but Pastina says there were changes made after 9/11 which if hadn't been done would have resulted in adverse consequences during Hurricane Sandy's landfall.
Lou Pastina spoke last week with TheStreet: