Standards in 2020 Financial Services
Birth of Financial Services Standards: Identifiers, Messaging Protocols
Financial services standards have played a critical role in the modern environment. A well-worn story that is typically used as an example is the paper crunch on Wall Street. By 1968, the firms that comprised the whole of the securities business had reached a tipping point. Everything up to that point was based in paper and individual transactions done by hand. An average of 6 million shares traded daily by the end of 1965, growing to 13 million by 1968. On June 13, 1968, 21 million shares were traded, beating the previous single-day record of 16 million set on October 29, 1929.
Famously, firms—including the New York Stock Exchange—had ...
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