Just back from the Futures Industry Association annual meeting in Boca Raton, where I moderated a panel of the heads of nine global exchanges: Hong Kong, Singapore, Euronext, Eurex, London Stock Exchange, Intercontinental Exchange, Nasdaq, CME and CBOE. Not surprisingly, there was considerable uncertainty. A common tool to gauge the market's intent is following inflows and outflows in large ETFs. A quick look at the flows this week indicates a large degree of confusion.
Ed Tilley and CME CEO Terry Duffy both noted they had set several one-day trading contract records in the last week, but no one reported any significant glitches or trading problems outside of the usual regulatory halts for volatility. That's the good news: the "plumbing" of the trading system has been under great stress, and it's not breaking.
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