Tue, May 21, 2024

Worst-Case Scenario for the Wall Street

Stocks and various factors, asian stocks

Wall Street wants to be prepared for the worst-case scenario as the virus continues to spread around the world. Major banks and financial institutions are working hard to alleviate the economic impact caused by the virus outbreak.

As a reminder, several days ago, the New York Stock Exchange halted trading for 15 minutes after stocks fell by more than 7%.

The main question at the moment is how to operate the stock market if banks have to evacuate their offices to contain the virus.

There is no universal solution to this challenge. However, a number of world-famous companies already started to implement measures.

Banks started to test backup sites in case they can no longer access Wall Street or locations in central London.

It makes sense, as they want to make sure that no matter what will happen to Wall Street, they will continue to operate without serious restrictions.

Wall Street and Precautionary measuresWall Street and major banks

The virus outbreak created a lot of problems for Wall Street.

JPMorgan Chase decided to divide its sales and trading teams between separate locations as a precautionary measure.

JPMorgan Chase wants to reduce the risk caused by the outbreak. Importantly, the famous company operates alternate sites in Brooklyn as well as New Jersey and Basingstoke, U.K.

Bank of America decided to split its fixed income and equities trading teams starting from Monday. Bank of America will send some of its employees to a backup site in Stamford, Connecticut.

Deutsche Bank divided some London operations and trading teams, and some employees are working from home.

Such decisions will help to avoid the worst-case scenario for Wall Street. For example, as a result of Hurricane Sandy, trading was suspended on the New York Stock Exchange and Nasdaq only for two days. This example once more underlines the importance of disaster recovery sites.

YOU MAY ALSO LIKE

Wibest – Yen Exchange Rate: Japanese yen coins. (USD/JPY)

Quick Look: The USD has risen against the JPY, targeting 156.50 to

Stocks

Quick Look: Doximity is accused of misleading investors on business growth and

The copper price hasn't been so low for the last four years

Quick Look: Copper prices hit a record $11,000 per ton in 2024

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who

BROKER NEWS

Broker News

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who will