archbishop george niederauer on mosaic. >>> here we go. welcome back to mosaic, today we are delighted that with us archbishop george niederauer, the archbishop of the robel catholic -- roman catholic diocese of san francisco. you've been to the program several times before. you're on your way to retirement, your letter is in at the vatican. >> yes. >> i want to ask you about that, about 75. personally, you're 76 now, you just had your birthday, happy birthday. i always thought 75 was a long time. i always thought that was a lot for priests and bishops to give. >> i think it is. and quite frankly, here in the archdiocese of san francisco, retirement age is 70, they can retire with no questions asked and many of our priests do retire at 70. the vatican has set the age for retirement of bishops as 75. if there's illness, they take that into consideration if you can't handle the duties anymore, then they will accept a resignation. but they will require at 75, and we in the archdiocese will do that too, but a priest may certainly retire at 70.

i tell you this, i like duncan niederauer a lot.ery good ceo but clearly we need to know why they did not, there was a safety issue here. i'm not saying let's open up a trading floor on the, on the in the hudson river off battery park. ashley: right. >> i'm telling you when you, 10 days ago, joe bastardi who has been on the air all day predicted this would be really bad and others came after that. they knew this thing was coming at them, a missile coming at them. i left dallas. i went to see the cowboys and giants. for me to leave dallas, i'm a die-hard cowboy fan is pretty bad. ashley: you're a cowboy fan. >> i'm a die-hard cowboy fan. in new york. they almost won by the way. ashley: they did. >> so the stock exchange all these buys knew what was going to come down. they knew it was franken storm, the whole thing. nicole: right. >> they lived through 9/11. i was at "wall street journal" and covered 9/11 here. i remember the talk about contingency plans the fact that we don't really have one --. ashley: pretty remarkable, isn't it?

a little con sending there, duncan niederauer.harlie. >> would he, the operative question, do you have a plan and he would have said no, to prevent this in the future. the question is not to put-- >> who called that shot? >> well, it's hard to say. the brokers said based on what we have right now we should not be putting our people in harm's way. we don't believe that archipelago-- >> who is thes boss and said we're the not going to trade. >> duncan. >> the question, they didn't have to put them in harm's way if they had a plan and what people have to ask duncan niederauer, what's the plan going forward so we're not shut down for two days during a storm. that's the question that needs to be aendz. neil: and duncan talking about staying in connect with other exchange and sandra smith at cme with terry duffy, chairman of the cme group. >> hey, neil, let's get right to terry duffy and thank you for joining us on a crazy morning. your thoughts so far on the open this morning as you stand in respondent of the s&p 500 futures pit closed

joining us on the phone, duncan niederauer, ceo of the new york stock exchange.ncan, good afternoon. >> bob, how are you doing? >> terrific. so it's all systems go? can you walk us through what happened this morning? you gave us an update yesterday. tell us how met with this morning and how you came to the conclusion everything was going to open as normal? >> yeah, sure thing, we appreciate you letting us be on again today, too. so, first of all, we had to make sure we got through the evening and that we got through last night's high tide and this morning's high tide in lower manhattan so we've had people on site throughout the evening. and we got the report this morning that there was no -- there was no issue with the building, it had not been compromised. once we heard that we had been operating under the assumption we would be open for normal business tomorrow. we cleared that with the regulators and city, state and federal officials so everyone was aware of what we were doing and most of today, so far today and the rest of the day will be spent and has been s

let's talk about the explanation from duncan niederauer earlier today.harlie gasparino gave me a terrible time. the believes there was more toe it about the he have if cansy of electronic trading. what do you think happened? >> staying home is terrific but i think agree with charlie. that there is more than meets the eye. melissa: really. >>> one definitely the backup system. the electronic trading system is relatively new. they made a lot of changes and probably weren't, exchanges didn't make the decision until sunday night. other thing nobody is talking about, i'm almost afraid to say the nyse doesn't want to marginalize the floor traders. nobody wants to talk about how wedon't want to use the floor traders. nasdaq as well. that is another thing hey we don't need these guys come to work because we can trade-off sight. melissa: markets opens up two days ago. there is fine no one down on the floor and what do you need the floor brokers? >> totally. melissa: look what happened with facebook. that was complaint with people at the nasdaq, if there were floo

new york stock exchange chief duncan niederauer telling fox business the two-day closure of the stockg among regulators and market executives about how to prevent a trading halt in the future. charlie gasparino, was it really needed? >> the closure? i mean, listen, listen to -- i think we should listen first to what duncan niederauer had to say, the ceo of the new york stock exchange because he kind of laid it out in very diplomatic terms what the future has for the markets. listen to what he had to say. >> one, i do believe that we, the regulators and the banks and by we i mean all the exchanges, i think we as an industry should talk more about these contingency plans, perhaps mandating testing of these plans between ourselves and the market participants so that whatever the situation might be, we're prepared to go into these contingency plans. liz: and charlie, this just breaking, it appears that treasury secretary timothy geithner will be convening with market regulators and market leaders today. >> it is about time. this is something that the fox business network has been talking

niederauer said that was the case. second, people, you have to have people on the floor, need a few hundred people to open that they are bringing in people today, even some are there already, but the key thing, the bridges and tunnels apaeb tore open and functional or will be by tomorrow morning. that was a key aspect of this whole thing. as of now, we are all system goes. >> i want to ask you though, okay, even if it is going to be fully operational there what will trading be like? will it be orderly, number one? number two do you think it will be up or down? >> up or down, i'm not sure of. the futures haven't able to play off of the cash. the important thing is the end of the month a lot of traders are -- report their numbers their investors tend of every month. some traders are want to trade out of positions that are losing and get into other positions the last day of trading. so, that is a very important aspect of this i expect heavier-than-normal trading volume. >> the cboe open for trading tomorrow. thanks, bob.

there are a lot of happy people down here none more so than duncan niederauer. data feeds coming in are off. we're trying to estimate volume. 90 million shares. that's not particularly heavy volume. a lot of discussion about this being the end of the month. you'll see volume toward the close where you get market on close orders because that's when the people who want to buy and sell certain baskets of stock will put the order in. as of now, fairly quiet open on light to moderate volume. one of the keys to the quiet open was a slight change in the way they opened here. they raised the threshold for auto execution. these guys here are designated market makers. they used to be called specialists. with lower volume stocks they could have auto execute where stocks open without them physically intervening. otherwise they have to press a button to open stocks. they raised the threshold for the amount of shares they can do that. big stocks were eligible to auto open today. auto execute. that means a quick open. very quick and uneventful open. that's one of the main thin

city's 9th archbishop he was appointed in july to replace retiring ash bishop -- archbishop george niederauercordileone is a staunch supporter of ban on same-sex marriage. >>> later this morning, protest held against google over its decision not to remove anti-islamic video made by a southern california film maker that sparked violence in several countries. organizers of the protest are meeting at 10:00 they want the video taken off youtube google has refused saying captain is not in the business of censorship even though it was taken down in some countries. >>> a's preparing for post-season they will enter playoffs saturday at the american league -- as the american league western division champions. they celebrated with champagne. i'm sure plenty of pies too after the team swept the rangers to win the division title on the final day of the regular season. >>> it is fantastic, unbelievable. coming for 20 years this is so great. >> been waiting for the a tess to get back to the championship we are going to do it this year. >>> certainly an improbable season for the a's climbing back from 13 ga

cordileone become the city's 9th archbishop appointed by the pope in july to replace retiring george niederauerleone was bishop shop of oakland. gay rights supporters plan to protest outside today's event. cordileone is due in court next tuesday to face a d ui charge in san diego. >>> gay activist group calling on local politicians to boycott today's installation mass. they plan to lead a protest outside st. mary's in san francisco. the sisters held a purification ceremony at castro and market streets yesterday. they say the church has no business condemning same-sex marriage. >> don't get involved in secular politics, that's all we are asking. do your job and stay out of everyone's lives. >> the archdiocese of san francisco did not want to comment to abc 7 news about today's planned protest. >>> this morning, protest will be held at google over its decision not to remove an anti-islamic movie clip from youtube. the movie produced by a southern california pill many maker sparked violent protests overseas. organizers of this morning's protest plan on meeting at 10:00 and asking google to take th

i caught up with duncan niederauer, and he was breathing a sigh of relief. >> we've been working on it for the last three our four days. our team was here overnight the last three, four nights. we jokingly said we may be the only building with water, lights and food. that's more than a lot of hotels have going for them. >> they almost are the op building with the lights on. the facade has been a beacon downtown for the last few days. scott's right, the volume is light to moderate today, open was quiet. bottom line is this. i think we'll see some volume toward the close related to the end of the month, but that will be about it. the hot stocks, now that we've seen the magnitude of the storm, the late-comers are getting into home repairs. owens-corning has been as obvious choice for many, many days. beacon roofing is a small company, and this is a small industry. how about dredging? a big move on the up side, and of course armstrong world, a big flooring company. the insurance companies down about 2% last week, but some smaller company els, a bit more serious. >>> we're trading all of to

duncan said he was ready to go, the ceo of new york stock exchange duncan niederauer came on our airokerage community that came back and said we don't think you are ready to go. the real question is, did they not think they were ready because the new york stock exchange wasn't red ki to implement -- ready to implement a fully electronic system or were the brokers not ready to operate in that environment? this is a big question. i will tell you this, liz, you want exchanges to be open now. i don't care what anybody -- a storm should not shut down capitalism. liz: wait even if it's --? >> no. liz: you shut down the floor but keep the electronic trading going. >> in this environment we can trade stocks in milliseconds. a storm, rain should not stop the new york stock exchange from opening its system. it should not stop the nasdaq or any of them. a small investor, maybe some trader can't get to work that works at goldman sachs, that's fine. but the bottom line is, the average investor should be able to trade stocks, buy a stock right now when they want. the system should not be shut down

bob greifeld and duncan niederauer said to mary shapiro and said you need to deal with this. what did she do? she punted. she said she needed more support from congress on structural issues. greifeld and sneader hauer said the markets are in disarray. the flash crash was a system of that because of the convoluted structure. she said listen, give me political support and i will go after it. we should point out the political support didn't come. particularly hard to come in an election year. not only that if you talk to people at new york stock exchange and the nasdaq say there is not a lot of support from the staff of the securities & exchange commission to deal with this convoluted structure of the markets. so what we have now after her four years, and by the way, if you listen to her, cheryl casone recently just asked her, are you staying or going? she says she has no plans other than her present job. that is nice way of saying she's done. a matter of time. obama gets reelected probably will be imminently. if romney gets in there they wait until they pick someone else to be

here is the statement from duncan niederauer. he is the new york stock exchange euro next ceo.s quote we are pleased to be able to return to normal trading tomorrow. cheryl: there were reports especially on twitter that turned out to be false that there were 3 feet of water on the floor of the new york stock exchange. the exchange coming quickly out last night telling fox business that was not the case. now the new york stock exchange market participants will be able to trade tomorrow. four days we have not been able to look at the value of the companies, two days suspended trading thanks to hurricane sandy. a lot of numbers are continuing to come in with regards to the conditions and the death toll with regards to hurricane sandy. i want to give you some numbers and a sense of where we are right now. again these numbers will be constantly changing throughout the day. at this point, 15,700 flights cancelled so far due to that storm. that's 1 in 7 flights, everybody. air traffic sitting basically at a stand still on the east coast. having a huge e febt across the country -- effe