Bartiromo-An Eyewitness to History
MARIA: I think that's a result of globalization because companies want to be able to transact anywhere in the world.
If you're in Germany, you want to make sure that you can do business across the continent.
And if you're in Singapore, you want to ensure that you're doing business not only in America, but also in Southeast Asia.
As a result of globalization and business booming all around the world and this stock market mentality booming all around the world with individuals empowered, you had consolidation.
And you had, you know, so many exchanges globally teaming up.
Today you've got so many hubs of the world, whether it's Moscow or Dubai or, you know, Bahrain or Singapore, trying to be the financial hubs.
London for a little while overtook the US in terms of a major financial hub.
So you have transactions happening all around the world, and business consolidating to accommodate that.
MARIA: A COLD GREETING AT THE NYSE
LULU: How has the floor changed in the past 15 years?
When you first started you got bumped by some guy - it was packed, compared to now – which is fairly empty?
MARIA: The floor has changed quite a bit.
I mean, you know, when you look at what has happened in terms of the sheer number of people, you've seen a huge decline because the electronics system has taken over.
When I first got down to the floor 15 years ago, people were bumping into me. I was actually literally physically in their way because they needed to get to their post, they needed to get to the stocks that they were going to trade before the market got away from them. Today is a little different because everything goes through the electronic trading system. Although there are people on the floor, the business is really coming from elsewhere, away from the floor. The transactions are done electronically. That's why the floor has actually moved and created new electronic stations. It's night and day.
LULU: You weren't welcomed, right?
MARIA: I wasn't welcomed by everybody, for sure. I have to give so much credit to Dick Grassobecause he truly allowed us to broadcast from the floor. And he made it happen.
Because without Dick's support it would not have happened.
When I first got to the floor, while I did have some camaraderie with the guys, it wasn't across the board, there were some people who really did make it difficult for me.
I remember Mike Robbins, who really scared me and yelled at me and didn't want me around back then. I would walk around the building so that I didn't have to pass him because he hated me so much. But I kept coming back and I made sure that I knew my stuff so that he couldn't push me around, and then I found out that he was on the board of the exchange.
So there definitely were a group of people who felt that, `Why are we opening up this to the public? Why are we trying to demystify the markets?'