The New York Stock Exchange (NYSE) is set to reopen its trading floor on Tuesday after a two-month closure due to the coronavirus pandemic.
But the exchange is likely to look and feel very different as new rules come into effect.
The NYSE is one of the few bourses to still feature floor trade – most have shifted to fully-electronic trading.
New York City has been hit hard by the outbreak with some 200,000 cases and more than 20,000 deaths.
Under the new measures only a quarter of the normal number of traders will be allowed to return to work.
Traders must also avoid public transport, wear masks and follow strict social distancing rules, with newly fitted transparent barriers to keep people apart.
They will also be screened and have their temperatures taken as they enter the building. Anyone who fails pass the check will be barred until they test negative for Covid-19 or self-quarantine in accordance with US government guidelines.
To return to their jobs, floor traders will also reportedly have to sign a liability waiver that prevents them from suing the NYSE if they get infected at the exchange.
According to the Wall Street Journal, traders will have to acknowledge that returning to the trading floor could result in them “contracting Covid-19, respiratory failure, death, and transmitting Covid-19 to family or household members and others who may also suffer these effects”.
The NYSE did not immediately respond to a request for comment on reports of the waiver.
The new regulations also mean that the NYSE’s high-profile opening bell events and stock market debut celebrations have been put on hold as visitors are banned.
Media organisations that usually broadcast from the trading floor won’t be allowed back until further notice.
NYSE president Stacey Cunningham tweeted that reopening was an important step towards restarting the US economy after lockdowns across the country.
“For the trading floor community it supports their small businesses, which have been challenged by the temporary floor closure. And for our economy, reopening our trading floors offers a path to reopening that other businesses in densely populated areas may choose to follow.”
The exchange’s trading floor was closed from 23 March and temporarily moved to fully-electronic trading as a precautionary measure to help protect workers.
The 228-year-old exchange last closed its doors on 29 October 2012 due to Hurricane Sandy. The NYSE also shut for four sessions in the aftermath of the 9/11 terrorist attacks in 2001.
For most people outside the financial services industry the NYSE’s trading floor is a rare glimpse into the seemingly opaque workings of the global markets as well as being a colourful setting for companies to showcase their stock market debuts.
NYSE, which is owned by Intercontinental Exchange, is the world’s largest stock exchange in terms of the total market capitalisation of listed companies.
Power Ledger Brings Peer-to-Peer Renewable Energy Trading to Thailand
Australian blockchain firm Power Ledger has announced a partnership to develop a digital energy company in Thailand, utilizing its peer-to-peer renewable energy trading tech.
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Australian firm Power Ledger announced a partnership with Thai Digital Energy Development (TDED) on May 25 to create a blockchain-based digital energy platform in the country.
The platform will enable environmental commodity and peer-to-peer (P2P) energy trading, in order to accelerate adoption of renewable energy sources. Thailand aims to generate 25% of its electricity from renewables by the year 2037.
Power Ledger’s blockchain-based transactive energy solutions include peer-to-peer energy trading and virtual power plants, along with trading in carbon credits and renewable energy certificates (REC).
TDED is a joint public/private sector venture between the Thai energy authorities and green energy specialists BCPG. The partnership with Power Ledger will see blockchain technology used to manage four BCPG clean power projects, including energy and carbon management at Chiang Mai University’s 12MW Smart Campus.
Power Ledger has been working with BCPG since 2018, when it launched a similar P2P energy trading trial in one of Bangkok’s central precincts.
Power Ledger’s head of business development and sales, Vinod Tiwari, told Cointelegraph that the trial showed the “potential of using market-based blockchain-enabled energy sharing and trading as an incentive” to accelerate deployment of rooftop solar technology.
He believes that Thailand’s focus on investment in renewable power, along with his company’s technology can help the country to achieve its goal of running on 25% renewable energy by 2037:
“The platform acts as an operating system and innovative facilitator in the transformation of energy markets from centralised to hybrid, distributed energy markets underpinned by renewable energy and distributed energy resources. This unique market-based approach acts as an incentive to accelerate distributed energy resources and renewable energy deployment in communities and helps in achieving a country’s national renewable energy targets.”
The company is also keen to use the TDED partnership framework to approach other energy market participants across Thailand, who may also want to use its blockchain energy trading technology.
Power Ledger’s TraceX REC trading platform will be deployed in Thailand this year, providing a marketplace for generators and buyers of carbon credits and RECs. It will also enable people and organizations who both produce and consume energy to trade P2P and sell excess energy within their local neighborhood.
As Cointelegraph reported, Power Ledger last month signed a deal to roll out its energy trading platform in Western Australia.
Author: Jack Martin
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