Cancel all of your meetings, lunches, phone calls and anything else you had scheduled today. For the next 24 hours your job is to put together the fragmented pieces of the business impact of today’s unprecedented move in CHF.
There are going to be very clear winners and very clear losers from today’s events, but overall nothing positive will come of this for the collective industry as a whole. The only comparable market event in recent history was the flash crash of May, 2010.
Axia Extends Market Footprint in GCC RegionGo to article >>
The business results due to this morning’s events will forever impact our industry as a whole. There have already been public filings of massive financial casualties. The unfortunate situation from this morning’s events is the impact these moves had on agency brokerages, which have been deemed the “safest” risk models across the industry. The long-term impact will primarily come from regulators after assessing the situation. The short-term impact will be job casualties within some of these firms. If this isn’t a wakeup call for firms to reassess their risk model and who calls the shots, then there are big problems.