Cboe Global Markets Inc. announced plans to open its Chicago site on June 8. Half of Cboe’s trading floor participants can expect to return to the reconfigured space next month.
The exchange operator said, on Tuesday, that rigorous precautionary measures to limit exposure to the coronavirus include a different layout. This is to allow for social distancing and capacity limits, wearing masks, and medical screening at entrances.
Since March 16, activity on the options exchange has been electronic-only. Cboe Chief Executive, Officer Ed Tilly, said that the platform continued to function well at that time. Customers enjoy the benefits of having both electronic and floor trading.
The announcement came after about 25% of participants returned to the NYSE floor for the first time since its lockdown. Governor Andrew Cuomo rang the iconic bell to open the stock market. He said his administration will now focus on restarting its economic engine, while New York City is still on lockdown.
Cboe Asks Participants to Comply as NYSE Partially Reopens
NYSE’s biggest market makers are continuing to trade electronically. Brokers who have come back to the floor needed to undergo temperature and medical screening. They were also required to wear masks and stay six feet apart.
Both NYSE and Cboe have asked participants to comply with the same requirements, such as avoiding public transportation. They have asked them to stay away from the trading floors if they experience symptoms associated with coronavirus.
NYSE floor traders had to sign a liability waiver, so they could not sue the exchange if they were infected there. This was according to a report in the Wall Street Journal. Moreover, this has fuelled tensions between the NYSE and some Wall Street firms.
NYSE President, Stacey Cunningham, said the agreement focuses on wearing your masks and keeping social distancing. It also focuses on committing to taking those steps to protect each other, to protect others on the floor, he said.
Some of the big firms have chosen not to come back just yet and that’s fine. No one is compelled to come back, not their employees, not anybody on the trading floor, he added.
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