Hurricane Sandy is having a significant impact on financial and mortgage-related firms located across the East Coast. The Nasdaq announced that the U.S. Equity and Options markets will be closed Monday, reversing an earlier decision to keep the markets open. In a bulletin, the exchange blamed the severe weather conditions impacting the Northeast.
The New York Stock Exchange also remained closed Monday and does not expect to reopen until Wednesday.
Mortgage insurer Radian Group Inc. (RDN) changed its third-quarter earnings conference call from Tuesday morning to Thursday to avoid possible disruption from power and communications outages in the Philadelphia area. SIFMA announced that the fixed-income securities markets are open, but will close at noon before the storm sweeps through New York.
Meanwhile, the Depository Trust & Clearing Corp., which provides settlement and information services for corporate, municipal bonds and mortgage-backed securities, said it will keep its operations going Monday.
"DTCC has in place a robust business continuity plan and preparations have been completed to provide seamless processing and settlement on Monday and throughout the coming week, leveraging our multiple out-of-region sites and other company-established emergency response procedures," said Michael Bodson, president and CEO of DTCC.