| Very helpful and clear, thank you. > Now, as a result, there needs to be a way to set the opening price and closing price, like a bootstrap process. A smaller version of this process actually happens every time a stock gets halted and resumed. So this suggests that if you did have a hypothetical exchange that ran 24/7... and something unusual happened to make trading halt completely (which always is going to happen occasionally, whether 9/11 level or more frequently)... you would still need to have that "bootstrap" process in place to re-start trading. But if you normally ran 24/7, you'd have a process that you maybe had never used, or hadn't used in years! This maybe provides another justification that isn't just historical for having exchanges shut down every day. So you are at least testing the bootstrap process daily, you don't have a bootstrap process you're going to need in an emergency (the worst time to have further problems) that has actually just been sitting around unused for years! (Reminding me of making sure you test your backup and continuity processes regularly, right? And the irony here is that it's the backup/continuity processes which are alleged to have caused the issue here! but still, you need the backup/continuity processes...) |