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A lot of smart people have said some very wise things on here over the last 12 hours so I won't try and replicate or add to that too much. I have faith in the product and I'm leaving my money in, everything I believed last week I still believe today.
But there are some very important lessons to be learned here by @footballindex and the next few hours are critical.
What happened last night was horrible to watch, blind panic gripping the market like that was an unlikely but still foreseeable event. In my opinion, FI are now going to have to:
1 - Provide clear and responsible communications to all of its users explaining why they think the crash happened and what they are going to do about it. Many still believe it was a co-ordinated action by a group of traders, this needs addressing.
2 - Consider their own internal protocols and risk controls. Why is the market open 24/7? Would trading sessions have helped contain some of this and buy the time needed for a considered response?
3 - Circuit breakers exist for a reason in other trading exchanges, whether you think it would have helped or not, an automatic market suspension at -6%, -8% and -10% would have at least ensured people could catch their breath.
4 - The implementation model for Order Books is clearly going to require a second look. On paper, it looked sensible and made sense, but how many really understood it? The ability for anyone to set the price with only 300 shares is questionable and will need revisiting.
Today however is a new week. I'm willing to let FI take some time today to get this right and rebuild trust and faith.
The importance of only having in what you can afford to lose was again underlined; I hope people are mentally holding up this morning and have someone to talk to if they need it.
