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Wall Street Increases Staffing Amid Election Uncertainty

Financial firms prepare for potential market volatility as the U.S. presidential election approaches.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 19, 2024.  REUTERS/Brendan McDermid/File Photo

Overview

  • Major banks, brokerages, and exchanges are boosting staff to manage expected high trading volumes around Election Day.
  • Polls show a close race between Kamala Harris and Donald Trump, increasing the likelihood of market instability.
  • There is concern over a contested election, with Trump indicating he may not accept the results if he loses.
  • Firms are conducting systems tests and adjusting schedules to ensure readiness for potential surges in trading activity.
  • Past events like Brexit and the 2016 U.S. election have shown the impact of political events on market volatility.