Regarding Rory O’Connor’s suggestion that people buy small lots of stock tomorrow to show support for the financial system, an executive who works on the elecronic side of the financial system said the idea is potentially dangerous for the system. He writes:
We have been working around the clock since the tragedy andfor the last two days have succeeded in posting live transactions tomoney market funds, settle those trades, accrue dividends, and honorredemptions. This has been an enormous effort and I am very proud of mystaff, my company, my clients, and my industry.
Our biggest enemy to stability right now is VOLUME of transactions. If
we get flooded with trades for 5 or 10 or 20 shares on Monday as a mass
movement to show faith, there is a risk this will crash the exchange
systems we connect with, clog our markets, and create the thing you are
trying to avoid. The suggestion you made in your column today is well
intentioned, but irresponsible.Meanwhile, the best way to show your faith and support right now is to
do NOTHING with your accounts. Mass liquidations right now would be
anti-American and selfish. Just let what ever you own sit,
demonstrating that you have not lost faith in the reason you bought that
investment in the first place.For people who have legitimate daily trading needs, they should go about
their normal routine as we work to keep the systems stable, available,
and intact.