270 of Wall Street's top trading staff spent a frantic weekend tidying up a huge pile of failed trades after the coronavirus-driven market chaos
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Huge market volatilty and increased trading volumes as the coronavirus hit the US and Europe in March led to a massive backlog of failed trades which then had to be cleared up, the Financial Times reported Monday.
Simfa used a blue-print it model led for a potential flu pandemic in 2007, which was used the first time in real-life in March and April. Some 270 Wall Street trading staff had to come to the rescue and frantically sort out a backlog of failed trades sparked by the COVID-19 crash.Tuesday the clean-up was led by Simfa, the US trade body that represents brokers, traders, and asset managers.
An emergency interest rate cut carried out by the Fed in March also proved to be insufficient in soothing markets and investors' nerves. Banks may have been left with risks they had not anticipated, making it even more difficult to complete trades had the backlog not been cleared. The world's biggest investors are notoriously skeptical of the stock market's bet for a quick economic recovery — and warning that the 'fantasy' rally will soon come crashing down.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the Boeing Business Jet 787 Dreamliner's most luxurious designs - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
How start-ups can find opportunities during the coronavirus crisisLike most businesses around the world, start-ups are encountering challenging times as the coronavirus hurts business sentiment and dries up funding.
Read more »
Cities are closing streets to make way for restaurants and pedestriansAs restrictions begin easing, officials examine lasting impacts of coronavirus-related closures.
Read more »
Photos: States reopen and celebrate Memorial Day amid coronavirusThe US marks Memorial Day weekend with altered traditions as the coronavirus death toll nears 100,000. See more photos:
Read more »
States' reporting of virus testing data leads to confusionPublic health officials say robust testing for the coronavirus is essential to safely lifting stay-at-home orders and business closures, but states are creating confusion in the way they are reporting the data. By MRSmithAP
Read more »