Equity markets are unlikely to open on Tuesday as Hurricane Sandy bears down on the New York area, a senior exchange official at one of the major exchanges told Reuters on Monday.

A decision has not been made yet, but with the hurricane closing in and metro-area transit systems closed, it is highly likely that U.S. equity trading on the New York Stock Exchange and Nasdaq Stock Markets will remain closed.

Industry officials were expected to discuss whether to open or not early Monday afternoon, the source said.

"I would be surprised if the group decides otherwise," the person said.

The fixed income market will be closed Tuesday, a trade group said Monday. Many firms put contingency plans into effect to have a skeletal staff in the office Monday.

(Reporting By David Gaffen; Editing by Chizu Nomiyama)