NEW YORK: The self-styled financial capital of the world suspended
stock and commodities trading following the September 11 blast that
leveled the World Trade Center (WTC), the headquarters for many
financial companies that was only blocks from the New York Stock
Exchange (NYSE) and other major financial buildings and facilities.
At press time, the NYSE and NASDAQ exchange, located in Times Square,
planned to resume trading no later than Monday, September 17.
Both companies kept their websites updated to communicate with national
and international traders. The NYSE encouraged employees and member firm
personnel not to report to work unless notified.
Financial companies formerly housed in the WTC were insurance firm Marsh
& McLennan, bond firm Cantor Fitzgerald, business media company
Bloomberg, brokerage Morgan Stanley, mutual fund manager Oppenheimer,
Charles Schwab, and Citigroup Asset Management.
Websites were the primary mode of communication for all affected
companies, many of which set up phone numbers for employees and/or their
Morgan Stanley, though headquartered in Times Square, was the
third-largest tenant in the WTC. The firm had 3,500 employees on 25
floors. Company chairman Philip Purcell issued a statement expressing
his sadness and outrage, sympathies and prayers. He also said, "The
shocking events of this week at the World Trade Center have not posed a
financial problem for Morgan Stanley, but a deeply human one. What
dominates our concerns are those people who may not have escaped the
explosion and fires as the twin towers collapsed."
Company communications also assured customers, such as a message posted
to the OppenheimerFunds website: "We do want to assure you that your
OppenheimerFunds accounts are secure. All records are kept at our Denver
facility, and are backed up daily."