Although a shared experience, the COVID-19 pandemic has varied greatly across Asia-Pacific with financial hubs, such as, Singapore, Hong Kong, Japan and Australia all taking different approaches with the one constant being the rapidity of the transition to remote working. In many instances, “organizations have seen two years’ worth of digital transformation in two months” (Microsoft CEO, Satya Nadella), from remote teamwork and customer service to critical cloud infrastructure and security. Even more so, the overnight shutdown of trading floors demonstrated the resilience and ability as well as the capacity and flexibility of trading technology when put under stress.
As trading floors shut down in 2020 “broker-dealers and exchanges found themselves scrambling to process US$1 trillion worth of transactions overnight, around 4 times the volume ever planned for”.
Since then, it has become clear that those able to leverage the appropriate technology, such as hybrid work from home trading software, were able to weather the storm much better than their counterparts as well as thinking one step ahead to create better business continuity strategies for the future.