Hurricane Sandy will certainly not be the last emergency situation the NYSE/NYSE Euronext ever faces. This time, the backup plan it thought it had in place was too cumbersome and uncertain to employ.
Under Rule 49, approved by the SEC in December of 2009, the NYSE can declare an emergency condition and designate its Arca electronic trading platform as the alternative to its physical floor. Arca can function for 10 days as an alternative to the exchange.
The Rule mandates that, in the case of an emergency, the NYSE switch to Arca as soon as possible but not sooner than the next trading day.
Arca is what used to be known as Archipelago and was purchased by the exchange in 2006. A second data center that runs out of Chicago was purchased at the same time and is designed to be a backup to the NYSE’s main data center in Mahwah, NJ.
Former SEC chair Arthur Levitt and Chris Nagy, founder of KOR Trading LLC had criticized the lack of backup provisions. They acknowledged the need to consider the needs of NYSE employees but also found it inexcusable that contingency plans had not included plans to
operate without staff in New York.
The issues is that so much is involved in a formal switchover in a contingency plan for a large corporation that it’s hard to test effectiveness beforehand. The person needed to make the switch may not be there and it’s difficult to figure out what to do in the middle of a storm.
Levitt criticized the exchange for not having a remote facility as a backup operation and Nagy actively criticized on his Twitter feed what he felt was a lack of ample backup provisions and planning.
This Website Is For Financial Professionals Only
|
|
|
MEMBER REVIEWS
|
 |
|
William Desormeau, Jr.
|
|
It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
|
 |
|
Lynn Najman, CFP®
|
|
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.
|
|
|
| Pete Deacon, CPA, CFP® |
| A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Bob, Fritz, and Craig's ongoing CE webinars has been a significant benefit. |
|
|
| Fredric Mayerson, MBA, PhD, CFP® |
| I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess. A4A to is the most consistently excellent CE program available. |
 |
| Ron Roge, MS, CFP® |
| I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A. |
 |
|
John R. Day, CPA/PFS® |
|
I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value! |
 |
|
Norman Politziner, CFP |
|
I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.® |
|
|
|
Dan Hawley, CFP® |
|
A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. |
|
|
Kevin Brosious, MBA, CFP®, CPA/PFS® |
|
I get CPA CE credit and CFP credit for the webinars. But not only that, the A4A content is terrific |
|
|
|
|
|
|
