Submitted by Fox First at Ten on October 29th
By MARTIN CRUTSINGERAP Economics Writer
WASHINGTON (AP) - Though U.S. stock trading was suspended Monday because of Hurricane Sandy, the parts of the financial system that stayed open functioned normally, the Treasury Department says.
Financial regulators found that systems involving payments, clearing and settlements of stock, bond and other market transactions worked without problems, in some cases through backup systems.
Treasury Secretary Timothy Geithner discussed the issues Monday with other members of the Financial Stability Oversight Council, which Geithner chairs. Among the matters they reviewed were the temporary closings of banks in areas affected by the storm.
The New York Stock Exchange has announced that stock trading will be closed again Tuesday.
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