Market shutdown idles professional traders in Oklahoma
Monday's market closure left professional investors in Oklahoma with little to do but stay in touch with their clients.
Investors may have received more attention Monday from their brokers and professional traders, who were unable to practice their trade when markets closed due to Hurricane Sandy.
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“I can't buy a share of AT&T, but I can certainly talk to a client,” said Tom Phillips, president of T.S. Phillips Investments Inc. in Oklahoma City.
Markets also will be closed Tuesday due to the expected aftermath of Sandy's winds, storm surge and torrential rains. Market officials hope to reopen Wednesday.
“This is a real rare deal,” Phillips said. “It's pretty extraordinary to have market shut down two days in a row.”
The last time trading was halted two consecutive days due to weather was in 1888, when a blizzard closed the stock market.
So what does a professional trader do on a day when he or she cannot trade?
“They become client service days,” said Hal Brown, senior vice president at BOSC Inc., a broker/dealer that focuses on fixed income. “Revenue certainly takes a blow.”
Fixed-income markets were open a few hours Monday, and Brown said corporate clients used the trading time to prepare for the closure.
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