Nasdaq picks Philly's Navy Yard as backup if coronavirus empties financial districts

[BumRushDaShow]

Source: Philadelphia Inquirer/Inquirer.com

Nasdaq, the giant securities-trading group, has prepared a backup trading floor and secure data facility at the Philadelphia Navy Yard business center in South Philadelphia, just in case the coronavirus COVID-19 epidemic leaves Wall Street systems as vulnerable as a hurricane or terrorist attack.

Industry sources say Nasdaq has stepped up training in recent days to add dozens of personnel at its League Island Boulevard center if needed. The back-up prep work was later confirmed by Nasdaq officials in New York. “The health and safety of our employees and members is paramount, and we take very seriously our place in the U.S. financial infrastructure,” said Joe Christinat, a spokesman for Nasdaq. “If our main trading floor were to become inaccessible, Nasdaq can operate our trading floor facility in a secondary location, at the Philadelphia Navy Yard.”

Nasdaq bases its futures and options trading businesses at the FMC tower in University City, including staff who learned their trade at the former Philadelphia Stock Exchange, which Nasdaq acquired and moved to West Philly from its former building on Market Street. Christinat noted that Nasdaq has had “redundant systems and locations” for many years.

The market, and its rivals such as the New York Stock Exchange group, have beefed up their back offices and recovery centers since Hurricane Sandy flooded parts of lower Manhattan in 2012, according to industry sources.


Read more: https://www.inquirer.com/health/coronavirus/nasdaq-coronavirus-stock-exchange-navy-yard-backup-20200311.html

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[smb]

1. Er, Guys, You Know That If You Move The Market To A New Location...

...the virus will move along with the personnel? You do understand that, right?

[Javaman]

2. see that's the repukes long term plan...

the navy yard will be quickly converted to a field hospital. smart huh?

[BumRushDaShow]

4. Except the Navy sold it as part of the base closures in the '90s

That whole complex down there - the Navy Yard and Navy Shipyard, went private.

They can get some Tastykakes down there though! The bakery moved in their "new" digs 10 years ago now.

[Javaman]

5. it's a win win for the orange asshole...

they rent the property from the owner at government expense. inturn the landlord donates to the orange assholes deep pockets.

[BumRushDaShow]

6. You forget

that if he doen't own it and can't make a personal profit from the deal, he will direct that such a facility be located at his own properties!

[Javaman]

7. he will always find a way via his halfwit spawn. nt

[BumRushDaShow]

3. I'm assuming that they are not necessarily moving personnel

but the computer systems would run out of the building here in Philly down at the Naval Business Center complex and any "maintenance" on those systems (requiring physical personnel to deal with servers, etc) would be done locally here.

I remember seeing an article a few years ago (highlighting how the times have changed with respect to the "pit" ) showing the trading floor that was pretty much empty because it was all computerized, with rows of monitors. Here is one related article from the period about the closing of "the pit" (at the Chicago an NY exchanges) - https://www.businessinsider.com/the-trading-pit-era-is-officially-ending-2015-7

This is basically a "COOP" (Continuity of Operations Plan) that many businesses and government offices also put together for their organizations. It was something that started after 9/11 and then would be revised as needed (as mentioned in the article, theirs was updated after Hurricane/Super Storm Sandy).

[melm00se]

8. Data centers like

those have only a limited number of areas that they can be moved to.

Most financial markets sit on or very near a fiber data node to minimize any lag.

[Brainfodder]

9. IF?