A big hand goes to everyone involved in opening the markets Wednesday. The updates of market data across my screen masked the round-the-clock effort that went into making this happen against such an impossible backdrop. They also mask the huge amount of work going on to keep the markets open and manage the hiccups and bumps.
A journalist asked me yesterday why this was so difficult – surely it’s just a switchover to another computer on another power grid? What a thought, given the intricate network of activity, the number of firms and connections involved; the testing; the load of traffic messages, quotes, trades, reporting, middle office, back office, book and bank transfers that need to happen. Let alone the people-side of this.
I’ve worked in the financial markets for 28 years and have been through some rough times. I’ve worked at an exchange and held my breath across the opening bell. I get the complexity of this. With the world watching, the importance of opening Wednesday was huge, especially as it’s the end of the month. Kudos are due.