NYSE, Nasdaq plan to back up each other's closing auctions

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Earlier in July, the NYSE was forced to suspend trading for several hours in the biggest outage to hit a U.S. financial market in nearly two years.

"We look forward to working with the industry and the SEC to implement this resiliency plan for the public markets on behalf of investors," NYSE president Tom Farley said in a statement.

Nearly all U.S. trading is done electronically, and the NYSE outage again raised questions about the robustness of the technology at exchanges after a raft of major glitches in recent years.

Both exchanges will file proposals with the Securities and Exchange Commision (SEC), laying out a clear plan.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Ken Wills)