The U.S. securities industry canceled all stock trading as a precaution to protect workers as Hurricane Sandy barrels toward New York City, the Securities and Exchange Commission said in a statement, according to Bloomberg

“The U.S. equity markets will not be open Monday. Oct 29, because of the impending storm,” SEC spokesman John Nester said in a statement.

“The decision was made by the market and market participants after careful consideration in consultation with the SEC. The SEC will continue to be in communication with the markets as the situation warrants.”