The New York Stock Exchange said on Monday it was in talks with regulators to temporarily ease its listing requirements to take the strain off companies that may have fallen out of compliance due to the market rout spurred by the coronavirus.
The U.S. Securities and Exchange Commission initially rejected a proposal to waive certain ongoing listing requirements until the end of June that the NYSE, owned by Intercontinental Exchange Inc, had filed on Friday as immediately effective, Farrell Kramer, a spokesman for the exchange said.
The S&P 500 has lost more than 20% since its all-time highs in mid-February, with extreme volatility whipsawing markets as the novel coronavirus has brought many businesses to a standstill and sparked mass layoffs. “In its conversations with listed companies, the Exchange has learned that many companies are experiencing severe disruptions to their businesses during the current crisis, including employees who have contracted the COVID-19 virus and the need to adopt emergency measures to protect their employees from infection,” the NYSE said in its original filing.
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