Asian stock markets have been in a state of suspended animation throughout the week. Investors waited for the U.S. election to end the uncertainty, over who will be leading the world's biggest economy over the next four years. With President Barack Obama securing a second term, market players are moving beyond the election to the next big risk - the U.S. fiscal cliff.

At Asia's largest trading strategy and technology conference in Singapore, senior buy-side, sell-side, exchange and technology executives gather to tackle the biggest challenges and opportunities facing the industry.

But this morning, anxiety was in the air as everyone waited for the U.S. election results. As soon as the results came out, there were no cheers or tears, market participants quickly moved on.

Larry Tabb, CEO of The Tabb Group, said, "One of the big overhangs in the market has been the election. Now that the election is behind us, we will be able to understand what's going to happen in terms of the leadership of the country, i think it will still be a split congress, that would be a challenge, but at least we know what the next four years will bring. Whether we like it or not, we can start planning. I think that's a good thing."

One of the most pressing issues facing the markets after the election is the looming "fiscal cliff" in the United States, a combination of higher taxes and government spending cuts that automatically takes effect unless Congress acts by January 1st.

Larry Tabb said, "I think that with Obama getting re-elected, i think there's a great chance that it does occur that we do over the fiscal cliff because Obama wants to raise the taxes from the highest income earners and I think that the congress will still be split and I'm not sure the Republicans will allow just an increase taxes to the highest earners and not a reduction across the board."

Market players believe that Obama administration will continue to push for regulatory reform in the banking sector and the U.S. economy will see a modest growth between 2 and 3 per cent next year. Traders say they want an environment where investment dollars can come to Asia which there's real growth rather than pure trading activities.

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