Shanghai, home to 26 million people, started a lockdown on Monday by dividing the city roughly along the Huangpu River, to allow for staggered testing. Shanghai houses China’s biggest markets for stock, bond, foreign exchange and derivatives trading.
Amundi BOC Walth Management said its senior executives, as well as key investment, trading and risk-management staff are working and sleeping in their offices, to ensure smooth business operations.
Meanwhile Haitong Securities Co said Chairman Zhou Jie arranged emergency on-site duty shifts at its subsidiaries in Pudong on Sunday night, and led more than 150 key staff to work in offices starting Monday. The brokerage also kicked off two-team rotation shifts between its two office areas, it said on its official website.
HFT Investment Management, BNP Paribas’ Chinese fund venture, also put 52 workers in key positions in offices around the clock during the lockdown period.
Elsewhere Sinolink Securities issued a notice on Sunday night, urging its staff on duty to rush back to its headquarters in Pudong before midnight, so as to “ensure continuity of system operation and trading”, the Chinese brokerage said on its website.
An executive at a foreign bank in Shanghai, who declined to be identified, said his bank is on a hybrid working model, with some staff working and sleeping at a backup office in Puxi, in the western side of the city, while some others staying in a trading room in Pudong.
A source at another foreign bank said the lender had been using disaster recovery centres for over a week, a practice that will continue.
The officials declined to be identified because they are not authorised to speak to media.
The Shanghai Stock Exchange told Reuters it kept minimum teams of staff in key positions within the bourse, while others work from home in an arrangement designed to minimise human contacts, while ensuring safety of trading.
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