Chaotic Trading Environment in VS .NET

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Chaotic Trading Environment
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So, while trading went on successfully at this early stage of recovery, and as indicated in Figure 21.2, the quarters were kind of cramped. Making things more complicated, though, was that trading was very rushed. When NYBOT traded at the World Trade Center, each commodity traded for four to five hours per day. At the recovery site, trading was limited to just 90 minutes, with a 30-minute changeover period in between commodities. During this 30-minute period, the traders had to complete their trading and wrap up their trading days (a very complex manual process), the system administrators had to change all the display screens to reflect the correct data for the next commodity to be traded, and all the traders had to physically leave the floor with enough time for the next set of traders to come in and take their places. Adding to the chaos was the telephone and booth sharing. An example of the small booths NYBOT used in Long Island City is shown in Figure 21.3.
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Figure 21.2 Actively trading at the DR site.
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During the course of the trading day, several sets of traders would occupy each booth. The telephones and telephone numbers in each booth were assigned to the booth, not to the traders; they were shared among all the occupants of a particular booth. A call to one of the six phones in row one, booth one at 9:00 A.M. might reach a cocoa trader; the same phone at 11:00 A.M. might reach a coffee trader. At 2:00 P.M., a sugar trader may answer. After some time passed, and everybody got accustomed to the new arrangements, things got a little more efficient, and so the changeover time was reduced from 30 minutes down to 20, adding 10 minutes to the trading day for each commodity. Without the full cooperation of the brokers and the entire NYBOT staff, this switchover would simply not work. Pat reports that the brokers have shown remarkable levels of cooperation. Before September 11, sugar traders traded an average of about 30,000 lots in a four-and-a-half-hour trading day. Since September 11, average trading volume has risen somewhat, but all the trades were being completed in just 90 minutes. That means that the rate of lots traded roughly tripled, from about 6,600 per hour to more than 20,000 per hour. What s more, since NYBOT trades manually rather than electronically, there is a tremendous amount of posttrading day activity that must be done to close the day. Because of the compressed schedule, all of that work must be done in less than the half-hour (now 20 minutes) that the traders have to clear the floor.
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Figure 21.3 A shared trader s booth at the DR site.
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NYBOT has been able to add an additional 100 phones to the trading reconciliation area, as well as provide additional trading input terminals. Both of these improvements have resulted in increased efficiency in trade reconciliation, and a little less work that needs to be done on the trading floor. Another unforeseen complication was with the financial instruments traders (U.S. dollar, and foreign currencies) who also traded at 4 WTC. The disaster recovery plan for them was to fly to Dublin, Ireland, where they would resume their trading activity on NYBOT s Dublin trading floor. Their exchanges quickly learned that flying anybody anywhere in the days after September 11 was going to be difficult, so the decision was made to find some space for them within the Queens facility. Adding to the complexity, because the financial traders work with exchanges at other facilities, they do not get to set the hours in which they trade. In order for them to trade, they must do so at all hours that trading is done. This means that they cannot share the facilities at NYBOT with other commodities; instead, they must have their own area in which to trade. They don t need trading pits, but they do need full-time phones and booths to trade from, reducing the pool of booths available to be shared among the commodities traders.
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