“Not enough has been written to describe the incredible performance last Friday by our nation’s exchanges and markets in the face of the Brexit vote and the rebalancing of the Russell indices. In addition to the record trading volumes at both the openings and closes, our markets experienced a record number of top level quote updates which according to the financial technology firm, S3 topped 15 billion (yes, billion) for just the listed derivatives markets. It was truly a day where the competitive frictions among market participants be put aside, with everyone tipping their hat to the other on a job well done.
It is now three 3 days later and there exists another section of our marketplace equally as important and worthy of praise for their roles in keeping our markets functioning smoothly during times of high volatility. That is the clearance and settlement processes for the equity and listed derivatives markets, commonly referred to as T+3 for the former and T+1 for the latter.”