Although not quoted directly, the Country music legends Maddie & Tae's influence is writ large over this article examining the upcoming review of US exchanges' circuit breaker mechanisms.
Essentially, circuit breakers operate to halt trading for a period of time if there is a precipitous movement (up or down, but mostly down) in the price of a security, basket of securities or an index.
The background to the article will be familiar to all - the likely impact of the Covid-19 pandemic on the global economy and individual companies. What jumped out however is the (I am sure intentional) Maddie & Tae reference. For the first time in its history, the New York Stock Exchange closed its trading floor. The NYSE moved to an all-electronic market.
Stacey Cunningham, president of NYSE, is pleased with the way in which market quality had been maintained but says that a totally electronic market was "not as good as with people involved". This is interesting because (a) the global markets are moving increasingly electronic, (b) a majority of large exchanges have closed their trading floors (or pits) even without the pandemic, (c) a large number of market-makers and liquidity providers trade purely electronically and (d) yet still, the president of the NYSE believes that the "human" element in a market makes the market more resilient and stable.
This may absolutely be correct, but it deserves its own article to examine in detail.
Ms Cunningham said the overall market quality had been good, although “not as good as with people involved”. “Having the floor there and having people dampen that volatility was a service we wanted to continue to provide,” she said.