*Markets closed on Tuesday

An announcement by the New York Stock Exchange is expected shortly. Nasdaq has already announced plans to be closed as part of the national day of mourning for President Gerald Ford. There's been some talk about the markets just being closed for a few hours on Tuesday in order to avoid a four-day break from trading - the longest stretch since 9/11. Tradition is for the financial markets to be closed on the day of the presidential funeral. (President Bush has declared Tuesday the official day of mourning.) An unscheduled shutdown of the financial markets is a pretty big deal, what with pending trades and the routine movement of lots and lots of money. As it happens, the Securities Industries Association did a white paper in 2004 on unexpected market closings, which come in two varieties: unexpected but forewarned (such as presidential funerals) and unexpected and spontaneous (such as a terrorist attack). Basically, the idea is to figure out how to deal with unresolved open trades and settlements.

*Update: As expected, the NYSE announced this morning that it will be closed on Tuesday. AP


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Siri versus Hawaiian pidgin (video)
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook