Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Amazing Market shutdown for 2 days with today's technonlogy
Most advanced market in the world takes 2 days to go to back up plan after weather related event. Trillions of dollars run through it and this is best that can be done? How about system that is not heavily dependent on one location that does not sit on a narrow island at sea level ? How about instant redundancy that if one site goes down the market just keeps on ticking? Everything is electronic is that so difficult. Free world depends on U.S. markets to run efficiently and reality is it is incredibly vulnerable to disruption.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
This was the same issue after the 9/11 attacks. NYSE was closed for the rest of the week.
What should have happened is that an off-site facility that had been prepared in advance should have been activated with personnel sent to staff it. Overnight accommodations would have to be part of if, as you may be sleeping there for the duration. Not sure what their risk and executive management talk about in disaster recovery meetings, because it's not about recovery.
After the obvious lack of preparedness from 2001, Grasso and the NYSE execs gave themselves bonuses for their lack of planning.
I heard NYSE CEO on Bloomberg TV saying they were ready to implement their contigency plan but the big participants, namely the Goldman Sach's, Citi's and the big investiment banks were not able to securely have people trading in these two days. So they ask to keep stocks and futures exchanges shutdown.
I wonder if a big first developed world country like USA needs to stop when a few cities are having a big storm and consequent floods, specially when nowadays most of the trading is done electronically.
I agree completely. We sent men to the moon 40+ years ago but a storm shuts down the world's largest financial market for two full days? We can't have data redundancy? I know, it's the worst storm, blah, blah, but let's get real, this should not have happened in the year 2012.
You would think that a lot of this would have been fixed after 9/11. It shows how vulnerable the world largest financial center would be to a major earth moving disaster like the Japan's tsunami and how a few are in control of everything. Where are "We the people" in this equation?
If you read the report I posted in the other thread, it states the exchange themselves were trying to move it to electronic, but they were stopped due to "concerns" of insufficient human intervention. In other words, it sounds to me like some big customers would have lost a lot of money and they instructed the exchange to leave it shut down.
I've heard that there is an "off-site" backup location for the NYSE, that could be used in an emergency, but that the back-up location is in New Jersey, so that wouldn't help in this situation.
Dick Grasso said they could have closed the exchange building and operated electronically without a problem but the "customers" (brokerages and banks) asked for the exchanges to be closed due to staffing considerations.
Food for thought: Had they opened the exchanges with all trading being handled electronically, that would have reinforced the idea that the "trading floor" was no longer necessary ... an idea that The NYSE has fought against tooth and nail for years.
For me it is really 3 days down. I am refraining from trading ES today because who knows how they rigged it to get things to work today. My guess is duct tape and bubble gum. Afraid things could go down and get locked into a position until they get down to Home Depot for some more tape.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
