FT News Briefing Special episode: a trip to the NYSE trading floor
Oct 29, 2021
Dive into the vibrant atmosphere of the New York Stock Exchange, where human traders still play a crucial role amidst growing automation. Discover Facebook's rebranding to Meta and its implications. Explore the European Central Bank's bond-buying strategies in the face of rising inflation and market speculation. Plus, uncover the unconventional advertising tactics of Floki Inu, a new 'meme' coin making waves in London's transit system. This episode brings the trading floor to life with insights from seasoned traders.
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Floki Inu Ad Campaign
- Elon Musk named his Shiba Inu puppy "Floki", inspiring a cryptocurrency called Floki Inu.
- The coin's London ads raised questions about consumer protection and advertising regulations in the crypto space.
Value of Human Traders
- The New York Stock Exchange is one of the last exchanges with human traders, called designated market makers.
- These market makers provide liquidity and reduce volatility, especially during turbulent market conditions.
Impact of NYSE Floor Closure
- When the NYSE closed its trading floor due to the pandemic and operated fully electronically, it cost investors money.
- Academic studies revealed a 50% increase in the cost of buying and selling stocks during the floor closure.