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STOCK EXCHANGES Study Irene Damage as Brokers Anticipate Open – Businessweek

August 28, 2011

Stock Exchanges Study Irene Damage as Brokers Anticipate Open

August 28, 2011, 12:00 PM EDT

By Nina Mehta

Aug. 28 (Bloomberg) — The biggest U.S. exchanges and federal regulators were assessing damage as Tropical Storm Irene passed over New York City, while brokerage executives said they expected markets to open tomorrow.

Irene struck New York City with winds of 65 miles (105 kilometers) an hour, the National Hurricane Center said in a special advisory at 9 a.m. local time. A storm surge of 3.8 feet was reported at New York Harbor, while total water levels near 8.6 feet, or moderate-stage flooding, were reported at Battery Park City in lower Manhattan, the hurricane center said.

NYSE Euronext and Nasdaq OMX Group Inc., the two biggest operators of U.S. stock exchanges, said yesterday they were prepared to open as Irene threatened the first market shutdown due to weather since 1985. While fallen power lines and winds cut power to more than 340,000 customers on Long Island, brokerage executives anticipated reporting for work.

“I think the exchanges will definitely be open because the storm was downgraded,” said Brian Pfeffer, chief operating officer a Direct Access Partners LLC, a New York-based brokerage with about 20 employees that work on the NYSE trading floor. “It wasn’t as bad as expected,” he said in a phone interview today. “I don’t see a problem with trading tomorrow at all.”

via Stock Exchanges Study Irene Damage as Brokers Anticipate Open – Businessweek.

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