4 ms·
>The only reason we haven't is because 100+ years ago people though 2 days (T+2) was quick and we haven't updated it T+2 has been around since 2017, not for 10
by perl4ever 6y ago
>The only reason we haven't is because 100+ years ago people though 2 days (T+2) was quick and we haven't updated it
T+2 has been around since 2017, not for 100 years. It was T+3 before that in the US. Before computers were in use, I believe it took 2 weeks and was gradually reduced to T+3 during the 70s and 80s.
- LatteLazy 6y agoJesus. I think I was so lucky to fall into mostly doing front office. Everything back office is like legacy software only it's people and business processes. Good knowledge, if never have guessed it was so recent!
- OldHand2018 6y agoStock trading kind of skyrocketed in the late 1960s. It got to the point where the NYSE had to close on Wednesdays just to catch up with the all the trading paperwork from Monday and Tuesday (Thursday and Friday was handled over the weekend). This led to brokerages buying computers to start to manage everything, just in time for trading volume to crash around 1970 and brokerages going bankrupt left and right because of all the computer investments they made. Would you be surprised to learn that the exchanges switched to using dollars and cents for quotes and trades only in the 1990s? Prior to that it was dollars and fractions of a dollar (like 1/8, 1/32, etc). Strangely enough, all the fractions used were powers of two and thus could be represented exactly in binary. Now that we use dollars and cents, you don’t get IEEE754 floating point representations for all trades. Progress!
- _trampeltier 6y agoIs there a good source for the technical history about exchanges? Would love to know more about it.
- OldHand2018 6y agoI am unaware of one, but would also find it interesting. If you know about an event, you can usually search and find some more information about it.