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NYSE Temporarily Closed Floor and Then Moved to Electronic Trading After Positive Wuhan Virus Tests

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On Wednesday, March 18, 2020, announced that it will temporarily close its world famous trading floor and transition towards electronic trading after two people tested positive for the Wuhan virus at screenings it held this week.

According to the exchange, all-electronic trading will commence on March 23. The facilities that will be closing are the NYSE equities trading floor and NYSE American Options trading floor in New York. Additionally, the NYSE Arca Options trading floor in San Francisco will be closing.

These closures were spurred by positive Wuhan virus tests of two people, according to an account Stacey Cunningham, President of the NYSE, related to CNBC.

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The stock market has a history of closures, during events such as World War II and in the aftermath of 9/11, but this is the first time the physical trading floor of the Big Board has shut down independently as electronic trading proceeds.

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“We implemented a number a number of safety precautions over the past couple of weeks, and starting on Monday this week we started pre-emptive testing of employees and screening of anyone who came into the building,” Cunningham announced on “Closing Bell.” “If that screening warranted additional testing, we tested people and they were sent home and not given access to the building. A couple of those test cases have come back positive.”

“While those people were not in the building this week and the building had been cleaned and addressed prior to start of trading on Monday, I think it’s reflective we’re seeing things evolve,” Cunningham continued.

Wall Street has experienced considerable volatility during the Wuhan virus crisis. Earlier this week, a market-wide circuit breaker was set off twice by the NYSE due to the massive sell-off, which generated brief pauses in trading.

On Wednesday, the Dow Jones Industrial Average ended the day under 20,000 for the first time since February 2017. This week, the  S&P 500 fell nearly 30% under a record set last month.

The exchange announced in a release that it was carrying out its business continuity plan and “trading and regulatory oversight of all NYSE-listed securities will continue without interruption.”

CME Group closed its Chicago trading floor last week as a precautionary measure due to the Wuhan virus outbreak.

As of Wednesday, the number of cases of the Wuhan virus reached over 212,000 and the confirmed cases in America are now at 7,324, per reports from John Hopkins University. So far, 115 people have died from the virus in the U.S.

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U.S. Law Enforcement Bust 27 People Connected to Mexican Sinaloa Cartel

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Over two dozen people were arrested on drug charges in connection to a Mexican cartel smuggling cocaine into the U.S. Following a two-year investigation, 27 people were arrested through Operation Tripwire, an investigation effort U.S. officials have been working on featuring members of the Sinaloa Cartel.

The trafficking network went from Los Angeles, California to Tucson, Arizona and Pittsburgh, Pennsylvania where cocaine originating from Mexico was smuggled stateside. The United States Attorney for the Western District of Pennsylvania, Scott Brady declared “this is a large organization that was trafficking hundreds of kilograms of cocaine throughout the country and has direct ties to the Sinaloa cartel in Mexico.”

U.S. authorities recounted that the investigations started after an agent in Pittsburgh was able to identify an address that received large quantities of suspicious-looking packages coming from California. Since then, agents started to do investigation on other members of the network across the U.S.

Across the span of seven months, authorities were able to intercept U.S. calls made by some of the alleged traffickers with Sinaloa carte leaders in Mexico. On September 9, 2020, 27 were arrested in Arizona, California, and Pennsylvania.

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According to American authorities, $1.3 million in cash and over 140 kilograms of cocaine were seized. The aforementioned people arrested are now facing a prison sentence of between 10 years and life in prison.

The border situation is no joke. Prior administrations have largely neglected the issue and have allowed for unprecedented levels of illegal immigration and drug trafficking to cross the U.S. border.

In a prior instance, BLP reported on how Mexico is a failed state that cannot maintain public order and is largely being pushed around by cartels. Due to its proximity to the U.S., Mexico’s problems will likely spillover stateside.

This is why border security is crucial. Thankfully, the U.S. has a president in Donald Trump that gets the memo. He’ll still need help from Congress, however,

That’s why it’s crucial that America First Republicans have strong showings at all branches of government in 2020.

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