9/11 -- St. Petersburg Times Special Report

Sunday, Sept. 1
  • Florida: Terror's launching pad
  • The 19 plotters and their day of terror
  • Remembering

    Monday, Sept. 2
  • When tragedy meets capitalism
  • '9/11 fatigue' is natural, mental health experts say

    Tuesday, Sept. 3
  • Coping as a kid
  • Eric Deggans: 9/11 documentary asks troubling questions about religion
  • Sept. 11 photograph exhibit opens

    Wednesday, Sept. 4
  • Millions in new funding don't guarantee security
  • Donations to local charities slow in months after attacks
  • Sept. 11 donations swamp charities
  • Bush to visit three attack sites on 9/11

    Thursday, Sept. 5
  • Attack anniversary is living history lesson
  • Trading fallback system improved
  • Future of site still beset by debate

    Friday, Sept. 6
  • Senate approves plan to allow armed pilots
  • Dream job becoming demoralizing
  • New plane doors would withstand gunfire
  • What ever happened to ... Those patriotic paint jobs?
  • The other 911
  • Consolidated for the cause

    Saturday, Sept. 7
  • In chaos, TIA tower controlled 9/11 skies
  • Congress, N.Y. reaffirm solidarity
  • Traveling can be nicer in rougher countries
  • For TIA workers, 'normal' not what it used to be
  • Airlines don't see relief over horizon
  • Terror only one blow to tourism
  • A year later, it's the home fires that burn brightly
  • Flying the flag

    Sunday, Sept. 8
  • 125 Cedar Street
  • The drama in Sarasota
  • Cautious, yes, but still traveling
  • As security increases, fervor fades
  • Rising risks
  • Finding lessons in rubble of tragedy
  • Public loss, private grief
  • Duty calls; he goes; they wait
  • Riled residents show true colors
  • Keeping her distance
  • Which way leads up?
  • For the record
  • 45 Questions
  • A lexicon of terror, post-9/11
  • Before attacks, this was the news
  • Other events on Sept. 11
  • Voice mail delivers, retains final words
  • Keeping us rolling
  • 9.11
  • How we'll view it

    Monday, Sept. 9
  • The residue of terror
  • Patriotism is more than emotion
  • What ever happened to . . .: Our religious fervor?
  • The nightmares return
  • Life has the right-of-way
  • Free to disagree
  • 'Time has not healed the pain'
  • Deputies to step up patrol for anniversary
  • Security upgrade since 9/11 slow, steady
  • Enthusiasm for PHCC's security classes dissipates
  • Teachers untangle Sept. 11 lessons
  • A bumpy year for business
  • The man who would have led Afghanistan
  • People who made the headlines

    Tuesday, Sept. 10
  • Multitude to gather to wave U.S. flags
  • Pictures evoke profound feelings
  • Attacks haven't boosted sales of cell phones
  • Schools discover ways to reflect on attacks
  • Flags still wave, but sales fall from peak
  • Three fathers lost
  • Telemarketers easing up on 9/11
  • Nuclear plant adds security layers to prevent terrorism
  • Cough, stress hinder emergency workers
  • Families of missing sit in limbo
  • Places of importance after the attacks

    Wednesday, Sept. 11
  • Remembrance and renewal
  • Flags Along the Bayshore: Tampa Remembers 9/11
  • Ways of remembering
  • A piece of paper . a blue and white truck
  • Is America ready for another attack?
  • Nation to honor victims in silence
  • Poll: Compassion remains
  • The war so far
  • Terror update
  • Attack on Iraq would test headquarters at MacDill
  • 09-11-01 Perspectives
  • Those who died in the attacks
  • Myriad rescue agencies trust their link won't fail
  • Photo gallery
  • (This Flash gallery requires the free Flash Player 5+.)

    Thursday, Sept. 12
  • Emotional service honors those who died selflessly
  • Elements of pride
  • Echo of 9/11 empties airport
  • A day full of tributes, flags and questions
  • Prayer, fellowship pull many through agonizing anniversary
  • Tributes great and small
  • Children in a changed world pause to reflect
  • Citrus recalls 9/11 with its heart
  • Marking the imponderable
  • Ministers assure that God was there that sorrowful day
  • Chime recalls a nation's losses
  • For law officers, day passes quietly
  • Residents gather to heal, remember
  • In big and small ways, our community pays tribute
  • Cities somberly mark Sept. 11
  • Patriotic display greets drivers
  • Day of grief, resolve
  • At county schools, remembrance resounds
  • Travel lags on attacks' anniversary
  • They were us
  • Americans worldwide cautious on anniversary
  • Radical Muslims discuss 'positive outcomes' of Sept. 11
  • Amid grief, Bush gives warning

  • printer version

    Trading fallback system improved

    Markets and trading firms are positioned to quickly get back to business after a major terrorist attack.

    ©Associated Press
    September 5, 2002


    NEW YORK -- With new safeguards and backup systems, Wall Street is confident it could resume trading much more quickly after any kind of repeat of last year's terrorist attacks.

    The Sept. 11 destruction of the World Trade Center shuttered the markets for four trading days. Even as trading resumed, with the World Trade Center wreckage still burning, the investment community was working on contingencies for future attacks or catastrophes.

    The New York Stock Exchange established an alternative trading floor, while investment firms created new emergency centers, some of them outside of New York City or even the state.

    "The industry is in a dramatically better position post 9-11," said Robert Britz, co-president of the NYSE.

    Rick Ketchum, president of the Nasdaq Stock Market, said trading firms "across the board have significantly improved their backup."

    Companies are reluctant to disclose any details of their efforts.

    But the goal was to create a fallback system capable of resuming trading within a day.

    New York consulting company Kroll Inc., which specializes in risk management and security, said financial firms have been busy establishing backup offices that are fully equipped to handle customers' orders.

    The NYSE's efforts have included spending $20-million on an alternate trading floor in New York City, so that the market could reopen the next day if its current building is damaged or destroyed. The Big Board would not disclose the location, but said the site has been successfully tested.

    "We all had contingency plans pre-9-11" but no one had envisioned an attack on that scale, Britz said. "Post-9-11 it seems that nothing is unthinkable."

    The NYSE and Nasdaq are looking at ways to cooperate on trading each other's stocks in the event of an emergency.

    Verizon, the provider of local phone and other telecommunications services in New York, diversified its telephone network. Fewer of the phone lines used by brokerages and investment houses are routed through the Financial District center, which was destroyed in the attacks and has been rebuilt.

    One Verizon official said emergency plans now are "almost an obsession" for companies in New York as well as across the country.

    "We design networks with every disaster imaginable. But before 9-11 that scope wasn't imaginable. Now it is," said Eric Bruno, a vice president for Verizon's Enterprise Solution Group.

    If the markets can reopen quickly after an attack, the decision may come down to whether they should or not, to avert panicked selling.

    But Ketchum said, "People will panic less if they know they can sell their shares. I think, generally, if the markets are able to function fully and efficiently it is better to have them open than not, even if it has a significant downside impact."

    Some experts think the delay in resuming trading after last year's attacks wasn't all bad.

    "It provided time for people to settle down," said Alan Ackerman, executive vice president of the brokerage house Fahnestock & Co.

    While the market dropped spectacularly when trading resumed, there may have been an even worse selloff if stocks traded the very next day, he said.

    The Dow Jones Industrial Average fell 1,369.70, or 14.3 percent, in the first week of trading after the attacks. The Nasdaq composite index sank 16.1 percent; the Standard & Poor's 500 index, 11.6 percent.

    While Ketchum favors keeping markets open, he sets one condition: that all participants can access them and all stock exchanges are able to operate.

    That was not the case after Sept. 11. The NYSE, with its trading floor just blocks from the World Trade Center site, was not damaged in the attacks but external infrastructure problems, namely downed phone lines, made it impossible for trading to immediately resume.

    Member firms and the NYSE had to re-establish the connections between the floor and trading desks that in some cases had to be relocated.

    The computerized Nasdaq, with two technical centers outside the state, could have continued trading right after the attacks, but the same logistical problems kept some of its member firms from trading.

    On Wall Street, the contingency plans are an attempt to restore investors' confidence in a market that also is trying to shake off a bear market that is going on its third year.

    It has long been said that Wall Street hates uncertainty. And, worries of future attacks have accounted for some of the market's decline.

    "We can't rule out the possibility of another shock," Fahnestock's Ackerman said. "We need to be prepared."


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