NEW YORK – Wall Street firms were set to open with limited staffing in New York City on Tuesday as stock markets remained closed due to Hurricane Sandy's approach and many New York-based bank employees worked from home.
Here is a breakdown of what the major financial institutions and trade groups said about carrying out business on Tuesday:
AMERICAN INTERNATIONAL GROUP
Insurer American International Group , whose headquarters on Maiden Lane in Lower Manhattan adjoin the East River, said its offices will remain closed for a second day on Tuesday. AIG had previously said it did not expect any disruptions to operations due to the offices closures.
Citigroup Inc said its offices on Wall Street and in the Tribeca neighborhood of Manhattan, which are in mandatory evacuation zones and pertain mostly to trading and investment banking personnel, would remain closed on Tuesday. Citi facilities outside of such areas would be "accessible for critical personnel only," the bank said in an internal memo to employees. Other staff should use work-from-home resources.
The bank earlier said it would operate from a backup trading floor in New Jersey and shuttle critical employees there as necessary.
CME Group Inc said trading would be suspended on Tuesday at the firm's NYMEX headquarters, the world's biggest oil and energy futures and options market, but other markets would open overnight and through Tuesday.
CME will reopen its U.S. equity index futures and options on futures markets at 5:00 p.m. CT on Monday for overnight electronic trading. The equity index markets will close 8:15 a.m. CT on Tuesday, for both the trading floor and its electronic trading system, CME Globex.
CME Group's interest rate futures and options on futures including Treasury, Eurodollar and Fed Funds will reopen at 5:00 p.m. CT on Monday and resume normal trading hours on Tuesday, for both floor trading and electronic trading.
CME said all its New York floor-traded products will be available electronically during regular market hours, and that all other CME Group futures and options on futures markets will remain open.
DEPOSITORY TRUST & CLEARING CORP
DTCC, an industry-owned corporation, said it would maintain operations on Tuesday, and expected all settlements to occur on a normal schedule.
The investment bank told employees in an internal memo on Monday that its headquarters in Lower Manhattan and offices in Jersey City, N.J. would remain closed on Tuesday.
Goldman Sachs Group Inc will have other employees working locally from Greenwich, Connecticut, and Princeton, N.J., and many employees will work from home as well. It is also routing some trades through other offices in Europe and Asia.
The Wall Street firm's Times Square office will remain closed on Tuesday except for critical personnel who could get there safely, according to a memo from Chief Operating Officer Jim Rosenthal reviewed by Reuters. Morgan Stanley has been able to transfer most business functions to other geographic locations, or to employees working from home, Rosenthal said.
NEW YORK STOCK EXCHANGE
NYSE Euronext said it would close its markets, along with other exchanges, on Tuesday.
NYSE said it now intends to re-open its U.S. markets on Wednesday, conditions permitting, and that it would provide an update on Tuesday.
NASDAQ OMX GROUP
The exchange operator will close its U.S. markets on Tuesday, but said it planned to open those markets "as normal" on Wednesday. Exchanges of Nasdaq OMX Group Inc outside the U.S. are set to open as normal on Tuesday.
SECURITIES INDUSTRIES AND FINANCIAL MARKETS ASSOCIATION (SIFMA)
The Wall Street group said it is recommending a full stop for several bond markets on Tuesday that pertain to U.S. dollar-denominated bond trading in the U.S., Tokyo and London.
Its recommendation pertains to government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers' acceptances, commercial paper and Yankee and Euro certificates of deposit.
(Reporting by Lauren Tara LaCapra and Greg Roumeliotis in New York; Editing by Richard Pullin, Ken Wills and Andrew Hay)