May 2010 Selloff Just a reminder
Pit squawk box commentary - the real vibe you got on the floor
For the newbies that are all simply full electronic algo and never experienced the trading floors, well this one’s for you! The trading pits were the best auction system invented, full accountability and zero anonymity. Everyone knew everyone else and even knew the customers on the other side of the phone! For us, when we entered ordered and the other side came back 660 or 350 house well, better proceed with caution. JPMorgan and Goldman those were their house numbers and every trader knew who their brokers were, plain and simple that is key information. Anyway back in 2010 the SP flash crash can only be seen through this guys highly animated auction voice:
When I look at this picture, I see real markets, real people and an auction system with accountability and reliability, very different from todays markets.
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