Stressed that on Day One, EZ.. Here's my 9/11 post:
Message 16334644
"Loss of W.S. infrastructure and personel WILL effect your trading
even months from now. Not all the offices lost today in the WTC twin collapses were brokerage or bank HQs, but
some were important US branches of foreign as well as domestic firms
Key infrastructure and people lost today were involved in market making and in house trading in a variety of
specific stocks, bonds, funds and commodities. In the future, their absence will make for a thinner market in those
securities.
We can certainly expect a downward shock will have to endured in the days ahead. But even from the longer term
perspective, look for some stocks behave differently than your're accustomed to seeing in the past because there
are now fewer MMs, and professional house traders competing and providing liquidity in those issues.
Just a thought to help you put the information below into the context of your own trading going forward.
Isopatch.
"NEW YORK (CNNfn) - The World Trade Center, destroyed Tuesday by a terrorist air attack, housed 430
businesses with 50,000 workers. Those businesses included some of the biggest names among U.S. and world
financial institutions.
Those firms closed their downtown New York offices and the fate of many employees remained unknown
Among the financial firms that had offices in the World Trade Center complex are: Morgan Stanley Dean Witter,
one the country's biggest brokers and the World Trade Center's largest tenants; Cantor Fitzgerald, one of the
leading fixed-income trading houses; Alger Capital Management; Hambrecht & Co.; Oppenheimer Funds; Charles
Schwab and Chase Manhattan Bank.
Switzerland's Credit Suisse Group and Germany's Commerzbank, Deutsche Bank AG, and market data firm
Thomson Financial, a unit of Thomson Corp., also have offices in the complex.
"We have two to three hundred people who work in that building and we have not been able to account for them
due to communication failure," a senior Thomson executive in London told Reuters.
The story was similar at Alger Capital Management. Vice chairman James Connelly said that company's chairman,
Fred Alger, is alive and in Long Island, but that he hadn't heard from a majority of the people who worked at
company's Trade Center office. He noted, however, that Alger had transferred the bulk of its operations to its
Morristown, N.J. office and that "Everything is up and running here." |
