The New York Stock Exchange partially reopens its trading floor Tuesday with a new set of safety and legal requirements.
Only about 80 floor brokers will be present, about 25% of the number before the coronavirus pandemic.
Corpina acknowledged some trepidation about returning, a feeling, he said, of "walking into the unknown." Everyone entering will be required to take a temperature test — not a coronavirus test — as a condition of entering the building, even though temperature testing will not pick up the significant number of people who contract coronavirus but are asymptomatic. They are also requiring all those entering to sign a legal document stating they understand the risks, will follow the rules, and indemnify the NYSE against lawsuits.
Peter Tuchman of Quattro Securities was one of them. He has now mostly recovered, but told me he understands the risks and appreciates the steps the NYSE is taking to mitigate those risks: "We are six feet apart, no guests, no DMMs [Designated Market Makers], using partitions, and no public transportation. The super-thin grouping of the traders is the best they can do, but the symbolism of getting people back to work who have been out of work, like me, is also important.
Corpina noted that most are going along with the request, if only out of economic necessity: "As the owner of Meridian, after seeking legal counsel, we are comfortable signing this," Corpina said. "We understand the risks and the ramifications. The key is to get back to work to service our clients."
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