Which exchange closed for more than four months in 1914 as World War I disrupted global financial markets?

The New York Stock Exchange closed for more than four months in 1914 as World War I disrupted global financial markets.

The NYSE suspended trading on July 31, 1914, amid fears that war would trigger disorderly selling and make international settlement difficult. The closure lasted until December 12, making it one of the longest interruptions in the exchange’s history.

When trading stopped, officials were concerned that investors would sell securities indiscriminately and that foreign holders would liquidate American assets. The closure also affected the market for corporate bonds, which was important for international finance at the time. A limited bond market reopened before full stock trading resumed.

This episode is distinct from a conventional one-day stock-market crash. It was a crisis response to war, capital flows, and settlement risks. The exchange’s eventual reopening reflected improved arrangements for handling securities and payments during the conflict.