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Famed NYSE floor trader: 'I'll do anything to get back there'

Ines Ferré
·Markets Reporter
·2 min read

Wall Street’s iconic trader, who recently beat COVID-19, says he’s happy to be going back to the New York Stock Exchange on May 26, when the trading floor is set to re-open.

“I love what I do, and I'll do anything to get back there, and be able to be around the people that I love, and to make a living.” Peter Tuchman, broker for Quattro M Securities told Yahoo Finance’s The First Trade.

The floor is expected to have a very different feel than prior to the coronavirus pandemic. Temperature checks will be taken, and everyone on the floor will need to wear a mask and follow social distancing rules.

“There are going to be precautions about people taking public transportation that will not be allowed. There will be a six foot distancing between brokers on the floor, “ said Tuchman.

The opening will happen in phases. For now, DMMs, or designated market makers, will keep operating remotely as they’ve been doing since the floor closed in March and went fully electronic for the first time in history.

Brokers will be the first members to go back. They will regain access to commissionable tools such as D-quote orders which are only available on the floor.

“To keep the first trench of people to be brokers, who basically like myself have been out of business, not making an income since the NYSE closed. So they're really giving us an opportunity to get back in there and be able to feed our families,” said Tuchman.

It’s unclear when the rest of the team will return. And at least one frequent floor visitor tells Yahoo Finance he has gotten used to working from home.

The re-opening will be an adjustment for everyone, including Tuchman, who has worked on the floor since 1985.

“Whether the restrictions as far as movement around the floor will be a bit of a constriction, absolutely...will the fact that we don't have our whole team in place be a bit of an obstacle — for sure,” said Tuchman.

“But you know they had to make a judgment on getting it open as soon as they could, in a safe fashion, to give us the opportunity to get back in,” said Tuchman. “I look forward to it.”

Ines covers the U.S. stock market from the floor of the New York Exchange. Follow her on Twitter at @ines_ferre

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