The New York Stock Exchange is closing its floor trading operation on Monday and going all electronic, parent company ICE said Wednesday.
“The decision to temporarily close the trading floors represents a precautionary step to protect the health and well-being of employees and the floor community in response to COVID-19,” the company said in a statement.
The moves, assuming the market can properly function this way, reflects the shift in recent years to electronic trading, which accounts for the majority of trading activity now.
ICE's stock price is don 0.11% in post-market trading to $70 a share, after having fallen more than 8% in regular hours.
Also of note, the coronavirus has caused so much volatility that most trading days of late have seen stocks move up or down more than 5%, triggering the limit-up-limit-down rule. This rule says that when prices move by 5% in one direction or the other, trading must be halted for a few minutes.
Stocks have been in free-fall mode over what is likely to be a recession caused by the Coronavirus. The U.S. market is in a bear market, which comes after the longest bull market — 11 years — in American history.
Catch up on the Latest Videos on TheStreet!