30 Apr CBC News – The National Interviews Sheryl Purdy
Leede Jones Gable vice president and investment advisor Sheryl Purdy appeared Friday on CBC News – The National to discuss the sudden shut-down of the TSX and TSX Venture exchanges during the trading day.
The outage was inconvenient, said Sheryl Purdy in Calgary.
“I was very lucky that the trades that I needed to do today were done earlier in the day,” she said. “I was very lucky that I didn’t have client instructions to execute upon particular trades in the last two hours of the day.”
However, Purdy wouldn’t say she has lost confidence in the exchange. “I would say that it was a glitch, in [that] they’re going to work on it.”
The professional traders in her firm were, for the most part, able to find alternate trading platforms to do what they needed to do on Friday, but “the bids and asks were quite wonky,” Purdy said, referring to the gap between what a buyer wants to pay, and what a seller is willing to sell for.
Normally that spread is razor thin on a large, busy exchange like the TSX. But when it goes down and traders have to seek out alternatives, those spreads get wider as there are fewer willing buyers and sellers.
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