Forefront Communications

Traders Magazine: STA’s Toes on Market Performance and NYSE Floor Closure

Sam Belden

Sam Belden

It’s been a turbulent time for the stock market.

Whether one looks at the systems, exchanges and/or staffing, it has been a unique and interesting time. But one thing is for sure, the systems and markets are functioning as expected.

Jim Toes, Chairman and CEO of the Securities Traders Association told Traders Magazine in an interview Friday afternoon that the market has indeed performed in line with expectations – orderly and without hiccup – despite increased volatility and order activity.

“I feel that many of the painful lessons learned in the past from the financial meltdown in 2008, 9/11, Superstorm Sandy and others have been absorbed and learned from,” Toes said in an interview. “You can see the pockets and times when the market has responded where the industry has learned from these lessons during its response to this crisis.”

Given the markets resiliency and performance, maintaining liquidity for investors and price discovery, Toes added that little should be done now to alter the markets operation. Some pundits have suggested that the market circuit breakers should be altered given the recent extreme vacillations price movements as cause for an adjustment or implementation of price bands. Toes said no.

“We’re of the opinion that we should keep the markets open and rules consistent for the time being,” Toes said. “There’ll be a post-mortem of how things performed and we can discussed around that later. But not now.”

To read the full article, click here.

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