The New York Stock Exchange needs to work on its crisis communications efforts, according to former New York City Mayor Rudy Giuliani.
Appearing on FOX Business Wednesday afternoon amid an abrupt and unclear shutdown at the NYSE, Giuliani dismissed the stock exchange’s statement as "useless," and called its crisis response "atrocious."
"The biggest problem here is they’re not discussing it," Giuliani said on the show. "Crisis management 101: You give out specific information as soon as you can."
He didn’t buy that NYSE has no knowledge of what happened, with a quip that the stock exchange is "being run really poorly" if that’s the case.
Giuliani said the best course of action for the NYSE would have been to get ahead of the situation and clearly act to remedy it without exacerbating panic.
"This is a public market, they have to publicly disclose," he added.
ABC News reported trading picked back up at 3:05 pm, adding that the outage was "not the result of a cyber breach."
NYSE’s shutdown follows shortly after NASDAQ’s reputation was under a microscope in April for prematurely releasing Twitter’s earnings. Six months earlier, NASDAQ also accidentally published JPMorgan's quarterly results hours ahead of schedule.