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Blast Halts Some Trading

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Kristin Moore
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« on: April 10, 2011, 02:58:57 am »

Blast Halts Some Trading
Published: February 27, 1993

The explosion at the World Trade Center complex in lower Manhattan yesterday disrupted trading on the five commodities exchanges in New York.

The explosion also interfered with trading in the bond market and the Nasdaq National Market system.

But trading on the New York Stock Exchange and the American Stock Exchange was not directly affected.

The New York Mercantile Exchange, the Commodity Exchange, the Coffee, Sugar and Cocoa Exchange, the New York Cotton Exchange and the New York Futures Exchange share trading floors in the Commodities Exchange Center at 4 World Trade Center. After the explosion, which occurred shortly after noon, trading stopped and traders were evacuated at 1:30 P.M.

The exchanges were expected to reopen on Monday.

A number of large brokerage firms -- including Salomon Brothers, Dean Witter Reynolds and Cantor Fitzgerald Securities -- have their offices or trading rooms in the World Trade Center. As a result, after the explosion, Treasury bond trading eased and sales of new corporate bonds were halted.

"For all intents and purposes, a lot of the dealers couldn't do their things," said David Ader, an analyst for the Technical Data Corporation.

Some of the Nasdaq trading terminals at brokerage firms in the World Trade Center did not function after the explosion, but most of the terminals at member firms of the National Association of Securities Dealers were not affected and continued to operate normally.

In addition, the Nasdaq small-order execution system, which provides for automatic execution, suspended its trading activities immediately after the explosion.
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