Tag: mobile phones

NYSE mobile phone options now available to traders

The New York Stock Exchange may be 224 years old, but it is now using 21st century technology.

The rules for NYSE mobile phone use have now changed. Brokers can use their personal mobile devices on the trading floor in Manhattan. This decision is a significant one and is meant to address a problematic issue.

The decision was made following a hectic day last Friday when a communications breakdown occurred.

That day, the results of the Brexit were announced, and the United Kingdom voted to leave the European Union. The landline service to brokers failed. That said, not all brokers had NYSE mobile phone approval. The brokers were not allowed to use their mobile devices without that specific authorization. Following that communications disaster, personal mobile phones can now be used.

This NYSE mobile phone decision may be a temporary one, according to a regulatory filing.

NYSE mobile phone new york stock exchangeA statement from the NYSE read “Communications with customers is a vital part of a floor broker’s role.” It also added “Brokers who do not have exchange authorized and provided portable phones should be permitted to use personal cell phone devices, in lieu of the non-operational wired phone lines.”

This indicates that the authorized mobile devices and provided portable phones are the preferred methods. However, should those become non-functional or unavailable, then personal mobile phones become an allowable alternative. It is also the only option for many brokers at the moment as the outage was a lengthy one.

At the time of the writing of this article, the NYSE was still working with its phone carrier. The hope was that the floor brokers’ telephones would be working again soon. The outage that brought about this change in NYSE mobile phone regulations did not impact the “designated market makers.” They are the overseers of the floor for stock trades.

Should this regulation remain as a kind of back-up plan for brokers it could help to avoid the type of communication struggle they faced last Friday. Many consider this move to use personal mobile phones a step in the right direction to catch the New York Stock Exchange up to the current century.

Huawei looks into manufacturing mobile phones in India

The company has been looking into expanding its manufacturing efforts into the country.

A delegation of representatives from Huawei have now met with Ravi Shankar Prasad, India’s Telecom Minister, as the company has been thinking of expanding their manufacturing of mobile phones from China into India.

The company is looking for ways to continue its mobile device production with additional advantages.

At the moment, Huawei is looking over certain potential business models for manufacturing the mobile phones in India, while they also consider certain potential tax incentives for making the move. The delegation was led by the CEO in India, Jay Chen. They met with the Telecom Minister in order to discuss the intentions of the company for making their way into India for the purpose of manufacturing. Prasad explained that “We had a very elaborate talk and they have said that till now they have invested $2 billion in India in the last 16 years.”

The company already has a facility in the country and are already selling mobile phones in India.

Mobile Phones ManufacturingPrasad stated that “They have a facility in Sriperumbudur… they are selling one million phones in India… if you are selling one million phones, you better start manufacturing here and they have promised me, they will explore the possibility.” He also pointed out that Huawei is in discussions with Foxconn for the moment, on a contract basis. The minister stated that India welcomed the business.

At the moment, the Indian offices from Huawei are serving forty different mobile networks around the globe. That said, the decision to begin the manufacturing of the mobile devices in India is not yet a done-deal.

When asked about the intentions of the company for manufacturing mobile phones in India, one of the delegation members underscored the fact that it still depends on a number of different factors. Among those factors includes business volumes and Huawei has yet to complete its evaluation of the figures within that category, including various business models, policies and regulations within the country and tax incentives. At the moment, the company manufactures network equipment in India not consumer devices.