How has lockdown affected the trading floor?
Updated: Nov 9, 2021
The growth of the Global pandemic has seen trading floors deserted with many banks evacuating their staff due to safety concerns. The lack of traders on the floor increased the concern for the number who would feel contentment for returning to the floor. We at Crestwave Solutions witnessed this distress firsthand whilst inputting a new global trading platform during lockdown, reaching 3 continents, all with the same challenges the pandemic caused.
The life that traders were used to on the trading floor was now to become extremely different, some are using new or updated platforms that allow them to log in from home and some are being provided with company devices that have the programs required installed already. Traders who would also have more than one computer screen on the trading floor are now having to get used to just one screen.
The backlash of this remote working led to a global market fall, whilst many other factors contributed, the scheme of remote working was more than likely a trigger of the situation. We now come to terms with the idea that trading floors are no longer the loud and atmospheric platforms like they once were.
Crestwave Solutions implemented a new trading platform for a leading investment bank and with a majority of its traders working from home we faced many difficulties with regards to training remote users.
Many traders would then not only be facing changes to the trading floor when they return but also an unfamiliar new trading platform and Turret.
This will be the case for many trading floors as companies try to work out the best software to use to adhere to the new way of working and make it as straightforward as possible to both work from home and on the trading floor. Many of the legacy, existing trading platforms used do not have the flexibility to address the new way of working.
Now as businesses start to welcome employees back, with September appearing to be the trigger point for most, it will be interesting to see how well traders have adapted to working from home and how quickly they settle back into working on the trading floor once again.
With new rules and advisories in place, the question everyone will be wondering is if the trading floor will ever go back to the way it once was, or is this the start of a new era for trading floors.
Feel free to get in touch or view our case study on how the transitioning of a new trading system through lockdown was performed and how we can use our experience gained to help other organisations thinking of transitioning to a new platform in order to support flexible trading and working.