Fortune reports that Wall Street isn't going to let some pesky tropical storm get
the best of it. After two days of closure, the markets reopened on Wednesday to
solid, albeit, light, trading, with only a few technical glitches. Large equity
orders that had stuffed up the pipes ran through the system relatively well
considering the four-day-long break in trading. Treasuries and other fixed
income products also made it through the gates relatively unscathed....
There was concern about Wall Street's ability to rise to the
occasion yesterday -- not because of flooded servers (The NYSE has its
computerized data hub some 30 miles to the west of the exchange floor); rather,
it was out of concern that the traders, bankers, lawyers and analysts that run
the machines simply wouldn't show up for work. While the vast majority of
trades conducted on Wall Street are done by computers, humans are still needed
to make the investment decisions that make the machines trade. At the same
time, there are also a lot of trades conducted in the so-called
"over-the-counter" market – like physical commodity trades or credit
default swaps, that depend on bids and offers from real people…..
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