Breaking News


Bond Market to Reopen Tomorrow After Sandy, Sifma Recommends

The Securities Industry and Financial Markets Association recommended a full open market tomorrow in dollar-denominated fixed-income securities in the U.S. after Hurricane Sandy closes the market for a day and a half.

The suggestion followed the halting of trading of government securities, mortgage- and asset-backed debt, over- the-counter investment grade and high-yield corporate bonds, municipal bonds and secondary money-market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit that began at noon on Monday, the New York-based trade group said in a statement.

Sandy, the Atlantic’s largest-ever tropical storm, struck the East Coast yesterday with a life-threatening surge, emptying the streets of the nation’s largest cities and lashing a region of 60 million with gales and rain. The storm, 900 miles across, may cause as much as $20 billion in economic damages, according to Eqecat Inc., a risk-management company in Oakland, California.

Sifma’s decision followed the announcement that U.S. equity markets will reopen tomorrow after the longest weather-related shutdown in more than a century. The decision was announced in statements by NYSE Euronext, Nasdaq OMX Group Inc. and Bats Global Markets Inc.

Editor: Kenneth Pringle

To contact the reporter on this story: Cordell Eddings in New York at

To contact the editor responsible for this story: Dave Liedtka at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.