Visiting the New York Stock Exchange

You can't go in but the Financial District is worth a look

Sebastian Bergmann/CC BY-SA 2.0/Flickr

The New York Stock Exchange is the largest stock exchange in the world, and billions of dollars worth of stocks are traded there every day. The Financial District that surrounds it is central to the importance of New York City. But because of tightened security measures after the terrorist attacks of September 11, 2001, which occurred mere blocks away from the New York Stock Exchange  (NYSE), the building is no longer open to the public for tours. 

The History 

New York City has been home to securities markets since 1790 when Alexander Hamilton issued bonds to deal with debt from the American Revolution. The New York Stock Exchange, which was originally called The New York Stock and Exchange Board, was first organized on March 8, 1817. In 1865, the exchange opened in its current location in Manhattan's Financial District . In 2012, the New York Stock Exchange was acquired by InterContinental Exchange.

The Building

You can view the New York Stock Exchange building from the outside at Broad and Wall streets. Its famous facade of six marble Corinthian columns below a pediment sculpture called "Integrity Protecting the Works of Man" is often draped with a huge American flag. You can get there by subway trains 2, 3, 4, or 5 to Wall Street or the R or W to Rector Street.

If you want to learn more about the financial institutions in New York, you can visit the Federal Reserve Bank of New York , which offers free tours to visit the vaults and see the gold with advance booking. It is also in the Financial District and offera insight into the inner workings of Wall Street.  

The Trading Floor

Although you can no longer visit the trading floor, do not get too disappointed. It is no longer the chaotic scene that's dramatized on TV shows and movies, with traders waving slips of paper, yelling stock prices, and negotiating million-dollar deals in a matter of seconds. Back in the 1980s, there were up to 5,500 people working on the trading floor. But with the advance of technology and paperless transactions, the number of traders on the floor has dwindled to about 700 people, and it is now a much calmer, quieter environment if still loaded with daily tension.

The Ringing of the Bell

The ringing of the opening and closing bell of the market at 9:30 a.m. and 4 p.m. guarantees that no trades will take place before the opening or after the close of the market. Starting in the 1870s, before microphones and loudspeakers were invented, a large Chinese gong was used. But in 1903, when the NYSE moved to its current building, the gong was replaced by a brass bell, which is now electrically operated at the start and end of each trading day.

Sights Nearby

The Financial District is the scene of a number of different sights in addition to the NYSE. They include the Charging Bull, also called the Bull of Wall Street, which is located in Bowling Green, near the intersection of Broadway and Morris streets;  Federal Hall ; City Hall Park; and the Woolworth Building. It is easy and free to see the exterior of the Woolworth Building, but if you want to take a tour, you will need advance reservations. Battery Park is also within walking distance. From there, you can take a ferry to visit the  Statue of Liberty  and  Ellis Island .

Tours Nearby

This area is rich in history and architecture, and you can learn about it on these walking tours: History of Wall Street and 9/11, Lower Manhattan: Secrets of Downtown, and the Brooklyn Bridge. And if you're into superheroes, the Super Tour of NYC Comics Heroes and More might be just the ticket.

Food Nearby

If you need a bite to eat nearby,  Financier Patisserie  is a great spot for light eats, sweets, and coffee and has several Financial District locations. If you want something more substantial,  Delmonico's , one of NYC's oldest restaurants, is also nearby.  Fraunces Tavern , which first opened as a tavern in 1762 and was later headquarters to George Washingon and home to the Department of Foreign Affairs during the Revolutionary War, is another historic restaurant where you can sit down for a meal, as well as tour its museum. 

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New York Stock Exchange

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New York Stock Exchange Tours

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This post is a guide and a virtual tour of the New York Stock Exchange (NYSE) headquarters in Lower Manhattan, with tips on planning your visit.

Click here for a self-guided tour of Wall Street .

HOW TO GET TO THE NYSE

Located at the intersection of Wall Street and Broad Street, the New York Stock Exchange (NYSE) is by far the world's largest stock exchange and is the symbol of American capitalism.  

Where is the New York Stock Exchange

The massive facade of the building is actually not on Wall Street but on Broad.  

Click here for directions to the NYSE . Or why not stay in the area?

The Financial District has a number of inexpensive hotels with great reviews on TripAdvisor .

Or, let us take you here. Many of our tours of Lower Manhattan include or start at the NYSE.

Calendar of all Lower Manhattan Tours (including our pay-what-you-wish tours)

This includes our GPS-led audio tour of Lower Manhattan, which we offer in English, Spanish, and German. Here's a sample.

As you can see on the map, the NYSE is within walking distance from several New York City subway lines.

For those new to the NYC subway, read the following 2 posts.

  • How to Use the NYC Subway
  • Which Subway Pass to Buy

NOTE: If you are considering any of the t ourist attraction discount passes when in NYC, then keep in mind that all include one or more hop-on-hop-off bus tours for free. 

HISTORY + DESIGN

When you turn the corner to see the Broad Street side of the Exchange, you will be standing in a location of great historical significance.

Prior to 1792, businessmen who engaged in the trading of goods and money met under a tree to transact business.

It was a sycamore tree but known more commonly as a buttonwood tree.

Thus in 1792, when 24 stockbrokers signed an agreement that would regulate their dealings, they named it the Buttonwood Agreement.

25 years later, the members of the Agreement drafted an official constitution and the New York Stock & Exchange Board was born.

In 1863 its name would be shortened t o the New York Stock Exchange.

The first location of the NYSE was a room rented in a small for $200 a month in 1817 located at 40 Wall Street (now the location of the Trump Building, one of the top 10 skyscrapers in New York City .  

When the original NYSE HQ’s were burned down in the Great Fire of New York (1835), the Exchange moved to a temporary headquarters and then again in 1865 moved to 10-12 Broad Street.

As the Exchange grew in business, a larger, grander building was needed.

Construction of the current NYSE building began in 1901 and George B. Post was the architect (known for his neo-classical buildings around New York including the glorious Customs House at Bowling Green).  

It took two years to complete the Exchange and costs ran over the estimated price. In the end, the final cost was $4 million.  

R.H. Thomas, chairman of the Building Committee justified the what-was-then substantial amount of money by saying,  “Where so many of our members spend the active years of their lives, they are entitled to the best that architectural ingenuity and engineering skill can produce.”  

Little could he know that a century later, the price of the building was no more than a typical trader’s end of the year bonus!

New York Stock Exchange pediment

Above the columns is a pediment with a sculpture designed by John Q.A. Ward (who also designed the over-life-size standing statue of George Washington on the steps of Federal Hall diagonally across from the Exchange.

Ward’s sculpture, called “Integrity Protecting the Works of Man” centers on the wing-hatted Mercury, the god of commerce.

To her left are representations of mining and agriculture and on her right, symbols of industry, s cience, and invention, all sources of American prosperity.    

THE TRADING FLOOR

Although you cannot visit the trading floor for security reasons, don’t feel too disappointed.

It is no longer the chaotic scene we’ve become familiar with throw movies and TV shows, with traders waving slips of paper, yelling stock prices, and negotiating million-dollar deals in a matter of seconds.  

Back in the 1980s, there were 5,500 people working on the trading floor.

But with the advance of technology and paperless transactions, the number of traders on the ground has dwindled to a mere 700 people and is now a much calmer, quieter environment.

Click the image for the interactive 360-degree view of the main trading floor.

360 View of NYSE Trading Floor

Discovery Education  offers an online virtual visit to the NYSE trading floor.

If you are missing the good old days, you can see what a typical day of trading used to be like by watching movies like “Wall Street” with Michael Douglas, “ The Pursuit of Happiness” starring Will Smith, and “ Trading Places” starring Dan Aykroyd and Eddie Murphy. 

THE RINGING OF THE BELL

The ringing of the bell at 9 am and again at 4 pm is more than a gesture - it guarantees the marketplace that no trades will take place before the opening or after the close of the market.

Starting in the 1870s, before microphones and loudspeakers were invented, used a large Chinese gong to let traders know to start or stop trading for the day.

But in 1903, when the Exchange moved to its current building, the gong was replaced by a brass bell which is now electrically operated.

Each of the 4 trading areas of the NYSE has its own bell which operates synchronously from one single control panel.  

You can see a detailed video history of the Exchange bell here.  

STUDENT GROUP VISITS

Unfortunately, the NYSE can no longer accommodate private requests for visits by school groups.

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A Rare Look Inside the New York Stock Exchange

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A Rare Look Inside the New York Stock Exchange

The New York Stock Exchange used to be a major attraction for tourists and curious locals alike. From 1939 to 2001, pretty much anyone could pop into the trading floor to glimpse the hustle and bustle of high finance. That’s how this legendary prank in 1967 could even take place. But these days, paying visits to the trading floor has become a rare commodity. The NYSE closed its doors to the public just after 9/11 and didn’t open them up again.

Until just recently. The Ultimate Wall Street Experience escorted some of the Downtown Alliance’s staff on a bright and early morning by checking in at the security booth on Wall and Broad Streets. Once inside, coats checked and fancy golden name tags donned, we got to explore the inner workings of this centuries-old institution, from the founding document that created the New York Stock Exchange, The Buttonwood Agreement, signed under a buttonwood tree back in 1792 …

nyse trading floor visit

… to the golden-crested original trading floor — with a Fabergé urn in the corner (the largest piece ever created by the jeweler of those iconic gem-encrusted eggs) …

nyse trading floor visit

… to vintage ticker-tape machines …

nyse trading floor visit

… and maps of Lower Manhattan past.

nyse trading floor visit

At 9:15, we were ushered into the modern-day trading floor, stationed with dozens of news crews, for the market’s opening bell, which rang out at 9:30 to wide applause. Even those among us a bit critical of capitalism enjoyed such an iconic New York City ritual.

Popped into the NYSE for the opening 🔔 pic.twitter.com/MuwWrYjlBl — Downtown Alliance (@DowntownNYC) January 22, 2020

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Wall Street Insider Tour

Explore the history of the American economy

Come with us and discover the beginnings of the Big Apple. You’ll see it all, from the place where George Washington was inaugurated to the billion-dollar institutions that influence today’s global economy. This interactive and informative tour introduces you to the real Wall Street, past and present.

$35 for kids 4-12 Free for kids under 4

Tour duration

22 Broad Street

Learn about the 400 years of history that led to modern Wall Street, including its beginnings as Dutch trading outpost.

See where high-powered meetings take place and where the fate of our economy is determined.

View the NYSE from the outside as you hear how this institution came to be a global leader on the financial stage.

Be inspired by the immigrant roots of some of the country's largest financial institutions.

Get a glimpse of where the "captains of industry" live and work and billion-dollar deals are negotiated

Discover the Financial District's cultural side, including its skyscraper and historic architecture.

More about this tour

The Wall Street Insider Tour is a less intensive version of the Financial Crisis Tour and designed for a general audience. We dig into New York’s history and share how the city became the global financial leader it is today. You’ll feel the lingering scars of New York’s first tragic terrorist attack and hear how a well-intentioned cleanup allowed the criminals to escape detection for over a century.

What makes our tours different? They’re the only tours created and guided by Wall Street insiders. Our guides have managed billion-dollar trading businesses and worked at some of the top firms in NYC’s Financial District.

This is why Oliver Stone filmed us for the Wall Street 2 movie and why leading financial and educational institutions (Bank of America, Credit Suisse, MF Global, UPenn, and Columbia, to name a few) have chosen us for their group events.

We’re excited to welcome you to Wall Street. Bring your camera and your questions! We can promise you an in-depth, interactive experience here in the Financial District.

Do I need to understand finance to enjoy this tour? You don’t need to have a financial background to enjoy our tours. Our Wall Street Insider Tour, in particular, is a great one for families since it gives an overview of Wall Street and America’s financial history. Our guides narrate without finance lingo, and questions are always encouraged.

Is this tour accessible? Yes, this tour is accessible for wheelchairs and strollers. We cover about 1 mile or 1.6 kilometers.

Does this tour go inside the NYSE? This tour doesn’t go inside the New York Stock Exchange, which has been closed to visitors since 2001. We’ll talk about this institution in detail as we view it from the outside.

Where does the tour end? This tour ends at Federal Reserve Bank on Liberty Street and Nassau Street, about 5 blocks from the meeting location.

What about the weather? Our tours run rain or shine, so please check the forecast in advance and plan accordingly. In winter, we definitely recommend bundling up and wearing extra layers. If we cancel the tour due to extreme weather conditions, we’ll offer you the chance to reschedule or receive a refund.

What is the refunds and rescheduling policy? We understand plans change. You can always change your tour 24 hours or more before you tour. We offer a 100% refund up to 24 hours prior to your tour start time. Within 24 hours of your tour, we would have incurred hard costs and therefore cannot allow rescheduling or cancellation without costs.

What is your gratuities policy? Tips are always appreciated by our guides but never expected. They should be given if you believe your guide did an outstanding job and want to show your appreciation.

Video spotlight

Wall Street: Money Never Sleeps

Wall Street 2 Movie

Watch a cameo of our tour in the feature film.

Getting here

Meeting point: in front of 22 broad street.

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Take the subway to Wall Street. Walk 1 block over to Broad Street.

Take the subway to Fulton Street. Walk 6 blocks south to Broad Street.

Take the subway to Rector Street. Walk 3 blocks east to Broad Street and Wall Street.

Only paid parking spaces available. Not recommended due to unpredictable traffic which may cause you to miss the tour.

Other tours

Financial Crisis Tour

This is our most in-depth, highly acclaimed tour of Wall Street. Learn how the financial crisis unraveled and how some traders made billion-dollar profits while some banks collapsed. And hear it from the people who lived it.

2 hours • $59

$39 per adult, expert guides.

With firsthand Wall Street experience

Worry-free booking

Flexible scheduling and refunds

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I Came Close To Dying: Wall Street's Most Photographed Man Is Ready For Normalcy

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Stock trader Peter Tuchman works on the floor of the New York Stock Exchange on March 9, 2020. Spencer Platt/Getty Images hide caption

Stock trader Peter Tuchman works on the floor of the New York Stock Exchange on March 9, 2020.

After Peter Tuchman left the New York Stock Exchange in March 2020, he was worried he wouldn't come back.

"I basically came very close to dying," he says.

Known as " the most photographed man on Wall Street ," Tuchman has an amazing expressiveness that tells you instantly if stocks are up or down. He contracted COVID-19 early on and has had health issues ever since. Tuchman didn't return to the trading floor full time until November.

Since the stock market reopened its iconic trading floor last May, after a temporary closure, it has operated with a skeleton crew on-site.

Starting Monday, that will change. If 100% of a firm's traders are fully vaccinated, it can start sending more of them back to the floor. They will be able to eat lunch in their booths again. Masks will be optional in some parts of the floor.

For Tuchman, this is another step forward on the path to normalcy. "We, as the ones who are still left here, are significant and relevant and important," he says.

The exchange is an outlier

The New York Stock Exchange stands out among its rivals. These days, most markets don't have trading floors; they are all-electronic. Last week, the CME Group announced it won't reopen most of its trading pits in Chicago, which it closed during the pandemic.

In 2020, when the New York Stock Exchange decided to send its traders home, there was speculation it could portend a permanent change.

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The New York Stock Exchange at Wall Street is expected to fully open its trading floor. Angela Weiss/AFP via Getty Images hide caption

The New York Stock Exchange at Wall Street is expected to fully open its trading floor.

"Many of us thought, well, maybe they'll take the opportunity to get rid of it once and for all," says Joel Hasbrouck, the Kenneth G. Langone professor of business at New York University. "But they didn't. They brought it back."

He says there continues to be an argument for having a traditional trading floor. It can make complicated transactions easier, and there is a benefit to conducting some negotiations face to face.

Stacey Cunningham, the president of the New York Stock Exchange, embraces its status as an outlier.

"It's absolutely true that you can run a market without a trading floor," she says. "The difference is you get a much better result when you combine people with technology in a well-integrated way."

And that's the pitch she and her colleagues make to companies that are considering selling stock to the public.

The lure of the iconic bell

Cunningham also likes to play up the institution's long history. The familiar loud ringing of a big bell signals the opening and closing of the day's trading. The New York Stock Exchange's website points out that the ringing of the bell — the ding, ding, ding played up by TV news — is more than just a colorful tradition that started in the 1870s. It is critical to the orderly functioning of the marketplace, assuring that no trades take place before the opening or after the close of the markets.

The sound of the bell was even trademarked, with an expert describing it this way:

"The sound of a brass bell tuned to the pitch D, but with an overtone of D-sharp, struck nine times at a brisk tempo, with the final tone allowed to ring until the sound decays naturally. The rhythmic pattern is eight 16th notes and a quarter note; the total duration, from the striking of the first tone to the end of the decay on the final one, is just over 3 seconds."

The bell is part of the pomp and ceremony that comes with an initial public offering on the New York Stock Exchange. Executives of companies have always crowded onto a small balcony overlooking the trading floor, and they'd ring the opening bell on the day their stocks first started trading. These days, there are no crowds and executives often appear via video link.

But companies are eager to restart the tradition, and Cunningham says she expects the exchange will welcome them back into the building soon.

Cunningham doesn't expect everyone to return immediately, and despite the change in rules, she believes traders will come back to the building gradually.

"One of the guiding principles that we've had throughout this process was to react to local conditions and increase and ease restrictions as those conditions change," Cunningham says.

This past weekend, Gov. Andrew Cuomo announced the positivity rate in New York City has dropped below 1.5%, and almost half of New York state's adult population has been fully vaccinated.

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Why Are Traders on the Floor of the Exchange?

Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

nyse trading floor visit

The floor of the stock exchange was once the main location for market transactions. It was home to traders and brokers who did the actual buying, selling, and negotiating on the physical exchange floor. Of course, this was before the evolution of electronic trading platforms . 

Those same brokers and traders are now surrounded by computers that manage the majority of the buying and selling of stocks for their various accounts. Floor trading still exists, but it is responsible for a rapidly diminishing share of market activity.

Key Takeaways

  • Open outcry was developed after the first stock exchange was founded in the 17th century.
  • Few exchanges now have pit trading, moving from hand signals and verbal communication to automated systems.
  • Some exchanges like the NYSE and CME still use floor trading for large companies and more complicated trades.
  • Floor trading allows for showmanship and to simplify large, complicated orders.

The Open Outcry System

Open outcry was a system used by traders at all stock exchanges and futures exchanges. This method of trading became the norm after the first stock exchange—the Amsterdam Stock Exchange, now called Euronext Amsterdam—was founded in the 17th century.

Traders communicate verbally and via hand signals to convey trading information, along with their intentions and acceptance of trades in the trading pit . Signals tend to vary based on the exchange. For example, a trader on one floor may flash a signal with his palms facing outward, away from his body to indicate he wants to sell a security. Just like an auction , anyone who participates and is part of the trading pit are able to compete for orders through the open outcry system.

This system of trading may appear to be chaotic and disorganized, but it is actually quite orderly. Traders use signals to quickly negotiate buys and sells on the floor. These signals may represent different types of orders, a price, or the number of shares intended to be part of the trade. Specialists maintain a book of all open orders for a stock or for a group of stocks.

The End of an Era?

Nowadays, few exchanges actually have trading that takes place physically on the floor through the open outcry system. With many exchanges adopting automated systems in the 1980s, floor trading was gradually replaced with telephone trading. A decade later, those system began to be replaced with computerized networks as exchanges began to develop and move to electronic trading platforms .

The London Stock Exchange (LSE) was among the first in the world to move to an automated system in 1986. The Milan Stock Exchange —known in Italian as the Borsa Italiana—followed suit in 1994, with the Toronto Stock Exchange making the switch three years later.

Not only did these automated systems make the trading process simpler, they also helped traders improve on the speed of their trades. Electronic trading systems also cut down on error, reduce costs, and, more importantly, help eliminate the possibility of interference and manipulation by unscrupulous brokers and dealers.

The move to automate trading electronically also made sense because it gave retail investors the opportunity to conduct trades on their own, thus cutting out the need for brokers, dealers, and other professionals to execute trades on their behalf.

Not All Is Lost

While trading on the floor of the exchange is being quickly eroded by electronic trading platforms, the open outcry method of trading doesn't appear to be completely going away any time soon. There are still traders who work on the floor of the New York Stock Exchange (NYSE) —where some large companies still trade in the pit—as well as commodity and options exchanges like the Chicago Mercantile Exchange (CME) .

Floor or pit trading through the open outcry system is still executed at the NYSE.  

But with so much of the action of the trading world being executed electronically, does it really make sense to keep people in the pit? Some people believe there's a lot to lose by eliminating the open outcry method. That's because they say that electronic trading can only capture so much, while human activity on the floor reveals much more.

Proponents of the trading pit say having people on the floor can help relay the message of the pit, and can help provide an assessment of a trader's intentions behind a buy or sell move.

Trading face-to-face also helps simplify orders that are more complicated such as commodity futures or options trades. By executing these large and complex orders through the open outcry system, traders are better able to work with others to get a better price—something electronic systems can't always do.

The Bottom Line

The open outcry system has been part of the trading world since the 1600s, establishing decorum and a language that many traders had to learn in order to do their job.   But that changed with the development of technology. Electronic trading may now be the norm of the industry, but it hasn't completely wiped out the open outcry system. Traders are still trading on the floor of exchanges for now.     And it will probably remain that way for some time, where standing on the trading floor is still a necessary way of trading on the stock exchange

Michael Gorham and Nidhi Singh. " Electronic Exchanges: The Global Transformation from Pits to Bits ," Pages 5-7. Elsevier, 2009.

University of Amsterdam. " The World’s First Stock Exchange: How the Amsterdam Market for Dutch East India Company Shares Became a modern Securities Market, 1602-1700 ," Page 2 of PDF.

Capital Amsterdam Foundation. " From Floor to Screen ."

CME Group. " CME Group Chairman & CEO Annual Meeting Remarks on Reopening Trading Floor ."

New York Stock Exchange. "' Open Outcry' Thrives at NYSE Options ," Page 1.

FINRA. " Flashback Wall Street: Remembering the Glory Days of the NYMEX ." (Login required.)

CME Group. " An Introduction to Futures and Options Trading ," Pages 100-101.

Michael Gorham and Nidhi Singh. " Electronic Exchanges: The Global Transformation from Pits to Bits ," Page 6. Elsevier, 2009.

Michael Gorham and Nidhi Singh. " Electronic Exchanges: The Global Transformation from Pits to Bits ," Pages 10, 76-78. Elsevier, 2009.

London Stock Exchange Group. " The Market Open Ceremony ."

Michael Gorham and Nidhi Singh. " Electronic Exchanges: The Global Transformation from Pits to Bits ," Pages 67-68. Elsevier, 2009.

Michael Gorham and Nidhi Singh. " Electronic Exchanges: The Global Transformation from Pits to Bits ," Pages 13, 298. Elsevier, 2009.

Michael Gorham and Nidhi Singh. " Electronic Exchanges: The Global Transformation from Pits to Bits ," Page 36. Elsevier, 2009.

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New York's stock exchange reopens — with masks and a waiver

New York Stock Exchange employees wait to enter the building as the trading floor partially reopens on May 26, 2020.

After being shut down for more than two months, the New York Stock Exchange’s trading floor partially reopened on Tuesday.

New York Gov. Andrew Cuomo rang the opening bell, alongside NYSE President Stacey Cunningham. The trading floor had been closed since March 23.

“It definitely took a little while to adjust to it,” said Jonathan Corpina, a trader who has been working remotely. This week, he will return to 11 Wall Street with five of his colleagues — fewer than usual.

New rules limit how many traders can be in the building. In addition, nobody is supposed to take public transportation to work. At entrances, medical personnel will take everyone’s temperature, and there will be questionnaires. Inside the building, Corpina and his colleagues will be required to wear masks, and physical distancing will be mandatory.

Traders who go into the building will have to sign a waiver. While the Exchange is not making it public, The Wall Street Journal reported that it is an acknowledgement that returning to the floor could result in them “contracting COVID-19, respiratory failure, death, and transmitting COVID-19 to family or household members and others who may also suffer these effects.”

The waiver is a necessary precaution, since traders on the floor are not employees of the NYSE, Cunningham told CNBC on Tuesday morning. “It's an acknowledgement to follow our protections,” she said, “Since we don’t have the ability to tell traders they can’t come in.”

“I just don’t think there is going to be a lot of moving around,” said Corpina.

That will be a significant change.

“Our reopened floor will look different from the iconic images so many have grown accustomed to seeing televised throughout the trading day," Cunningham wrote in an opinion piece in The Wall Street Journal announcing the changes.

During NYSE’s heyday, the trading floor was packed. In recent years, even as it became less crowded, it remained an enduring symbol of American capitalism and a proxy for investor sentiment.

Peter Tuchman, the most photographed person on the trading floor, will not be back on Tuesday. On March 18, he tested positive for COVID-19, and the Quattro Securities trader continues to deal with the fallout from having the disease.

Image: Peter Tuchman at the New York Stock Exchange on March 9, 2020.

“It’s like being in a boxing match,” said Tuchman, who spent 60 days away from his family, fighting fevers ranging from 100 to 103.7 degrees. The novel coronavirus affected his kidneys, prostate, nervous system and lungs. “It’s a bit of a beast,” he said.

Like many traders, Tuchman praises the New York Stock Exchange for remaining open in some capacity. In early March, as the outbreak worsened and trading became increasingly volatile, Cunningham rejected calls to close the exchange itself.

She also challenges critics who, pointing to all-electronic exchanges such as the Nasdaq, suggest traders are no longer necessary.

“Stocks trade better when the floor is open, with reduced volatility and fairer prices,” she wrote in The Wall Street Journal. “Recent data demonstrate that our trading floor saves investors millions of dollars each day by making transactions more efficient.”

Traders echo that. They say having humans on the floor makes their clients feel more confident.

Like many parts of New York City, the Financial District in Lower Manhattan is quiet and empty. Timothy Collins, the general manager at Bobby Van’s, which is catty-corner to the New York Stock Exchange, laid off some 60 employees.

Reached by phone, Collins says he is awaiting word he can reopen the steakhouse, which has been around for 16 years. In the meantime, he has Zoom calls with his former workers.

“To be honest, it kind of hit everyone in a slow-rolling way,” Collins told NBC News. “I had a big spool down, and there is going to be a big spool up.”

Like many restaurants, Bobby Van’s considered transitioning to takeout and delivery, but in the Financial District, Collins said, it didn’t make sense. No one has been going to work, “and the people that do live down here, most of them have second homes.”

As he tries to chart a path forward, acknowledging his restaurant’s party business is going to take a sizable hit, Collins says business from the NYSE is “crucial.”

“The exchange is integral to our existence,” he added. “It’s just part of who we are, and we are part of who they are.”

Even as they acknowledge the need to close the trading floor, many traders say they were sad to leave. Tuchman said he wants to get back as soon as possible, and Corpina praised the exchange’s new protocols.

“If I had to list safe places in the country right now, I would probably say the White House is No. 1, and the New York Stock Exchange is No. 2,” he said. “I feel very comfortable and confident going back.”

David Gura is a correspondent for NBC News and an anchor for MSNBC.

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nyse trading floor visit

How to Spend a Day at the NYSE

There are only two ways to spend the day at the New York Stock Exchange: as an employee or a student. Public tours of the NYSE were suspended after the September 11th terrorist attacks, and now visitors can only get a floor tour through an educational program on-site or an online virtual tour.

NYSE Educational Seminars

Student groups and special classes get to see how the NYSE works by touring the trading floor. According to the NYSE, 170 tours were given to 4,000 college students in 2012. If you aren't able to get to Wall Street physically, you can spend a day at the NYSE virtually. During a live online session, participants are able to take a virtual tour and ask questions about what gets done on the floor. The NYSE also offers teachers' workshops and graduate courses.

  • New York Magazine: New York Stock Exchange

About the Author

Cari Oleskewicz is a writer and blogger who has contributed to online and print publications including "The Washington Post," "Italian Cooking and Living," "Sasee Magazine" and Pork and Gin. She is based in Tampa, Florida and holds a Bachelor of Arts in communications and journalism from Marist College.

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  • r_drewek/iStock/Getty Images

NYSE's COO explains why the exchange is committed to reopening its iconic trading floor even as Wall Street quickly adapts to remote work

  • Michael Blaugrund, NYSE's chief operating officer, told Business Insider the exchange is fully committed to reopening its trading floor as soon as it believes it's safe to do so.
  • Some market participants have questioned why exchanges' trading floors would reopen if the markets can continue to operate without issues.
  • Blaugrund said that while NYSE has transitioned seamlessly to an all-electronic environment, there has been a higher level of price dislocation as a result of not having a physical trading floor.
  • Visit BI Prime for more Wall Street stories .

As more Wall Street firms consider the long-term adoption of changes made due to the spread of the novel coronavirus, one industry staple is eager to return the first chance it gets: the New York Stock Exchange's trading floor.

Michael Blaugrund, NYSE's chief operating officer, told Business Insider the exchange is fully committed to reopening its iconic New York trading floor as soon as it believes it's safe to do so. 

"No matter what, we're going to reopen the trading floor," he said.

Blaugrund said there is no set timeline on when the trading floor could reopen, adding that there isn't even a specific threshold NYSE is following to judge when to make the move. NYSE is working with local, state, and federal authorities, all of whom Blaugrund expected to be supportive of them opening back up the trading floor "at the earliest possible time."

March 23 marked the first time in the exchange's history it moved entirely electronic. NYSE had been prepared to implement its contingency plan in 2012 during Hurricane Sandy, but the markets shut down completely instead. 

Yet, despite it being NYSE's first go at rolling out all-electronic trading on live markets, the process has gone fairly smoothly. In the face of continued market volatility, NYSE has been able to handle the transition without any noticeable impact. 

As trading continues with no major hiccups, some firms have begun to question if physical trading floors at exchanges are necessary at all. Vlad Khandros, the global head of market structure and liquidity strategy at UBS, said on a media call in March that clients of the Swiss bank have asked if the physical floors are needed .

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Keeping trading floors shut for good could also offer some cost savings for exchanges, as one market veteran estimated they could save more than $10 million a year from not having to maintain the physical buildings. 

However, Blaugrund said that while NYSE has been able to switch to all-electronic trading without much disruption, the physical trading floor still provides real value. He cited data posted to NYSE's website indicating trading was more efficient when the floor was open.

On March 23 and 24, NYSE's opening auction price dislocation was 26% and 34% higher, respectively, than the average from March 1-20. Upticks of 60% and 13%, respectively, were also seen in the closing auction price dislocation for the same time periods.

Blaugrund said the exchange "made a few tactical changes" in an effort to improve trading efficiency, adding it would "likely make further changes." However, even if NYSE is able to close the gap, he remained firm that the exchange will eventually reopen its trading floor. 

He gave examples of how designated market makers , the floor traders that help to manage the liquidity and volatility of stocks listed on NYSE, still play much-needed role, particularly during critical market events.

"I think what we've seen over the first week really confirms our prior view, which is that pairing human judgment with technology allows for the superior outcome," Blaugrund said. "We are capable of algorithmically closing securities based on our view of electronic order books. That's not a technical problem that is daunting. But acting purely mechanically can result in bad outcomes in certain conditions."

To be sure, NYSE's trading floor value goes beyond just trading. The floor also serves as a marketing tool for trying to attract high-profile IPOs. CNBC typically broadcasts live from the trading floor as well, giving it additional clout and advertising. 

Blaugrund acknowledged the role the trading floor and DMMs play during the IPO process.

"I think listed companies get a real benefit from using the NYSE as a platform both for the media presence as well as the iconography of being at 11 Wall Street for their brands, for their product launches, and for their announcements," he added. "But the reason the floor exists is that it's a working trading floor."

Watch: Wall Street's biggest bull explains why trade war fears are way overblown

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