Einstein of Wall Street: "This is how the NYSE has changed"
He might be the most recognizable symbol for the New York Stock Exchange. For 28 years Peter Tuchman has been pacing across the trading floor on Wall Street. In our interview he reveals the changes the changes he has witnessed.
A luminary on the floor for three decades, Peter Tuchman has experienced numerous changes at first hand – with the unstoppable emergence of technology leading the way: "Back then we used paper and telephones instead of cell phones. There were more people: 10,000 employees on the floor, 1,600 brokers", Tuchman remembers. Today, stocks can be traded completely automated in the blink of an eye. However, technology can’t replace everything: "For me the most important thing about the NYSE is the human factor. The transparency of what goes on on the floor differentiates us from every other market in the world. I’m not thrilled with the advent of technology. Yes, I can send out thousands of orders at a time. However, the fact that we trade in pennies and fractions of seconds doesn’t benefit anyone." Computerized trade can spin out of control and without human intervention have severe consequences. "We have seen that technology reads information and algorithms react to it. We are not insulated from that kind of reaction here on the floor." Even the most modern technology could not make up for the human influence. For on Wall Street, the connections between the traders and brokers exceeds the fact that they share the same work place. "Whether anyone in our community has gone through any kind of stress, loss or grief the community gathers together in a big way. It has always been a super-tight family." For more stories from Peter Tuchman’s time on the trading floor tune into "Inside Wall Street" with chief US correspondent Manuel Koch.
Looking for the German version of the interview? Click here.
Redaktion: Manuel Koch