The New York Stock Exchange announced Wednesday that it will temporarily close its trading floor and move to electronic trading starting Monday due to concerns over the spread of the coronavirus.

Why it matters: New York is one of the epicenters of the coronavirus outbreak in the U.S. The city has already shut down public schools, banned gatherings of more than 50 people, and forced restaurants to offer only takeout and delivery.

What they're saying: “NYSE’s trading floors provide unique value to issuers and investors, but our markets are fully capable of operating in an all-electronic fashion to serve all participants, and we will proceed in that manner until we can re-open our trading floors to our members," NYSE president Stacey Cunningham said in a statement.