NYSE Trading Tests Successful

Sept. 15, 2001 -- The New York Stock Exchange is set to resume trading at 9:30 a.m. Monday after conducting a series of successful tests on its communications and computer systems.

Trading was set to commence Monday morning with two minutes of silence to commemorate those who have been lost in the World Trade Center, followed by the singing of "God Bless America."

Treasury Secretary Paul O'Neill will ring the opening bell, joined by New York Mayor Rudolph Giuliani, Gov. George Pataki and Richard Grasso, chairman of the New York Stock Exchange.

Members of New York City's police, fire and medical emergency departments as well as New York's Port Authority police will also be present at the opening ceremony on Monday, said Grasso.

The opening ceremony will serve "to honor those we've lost and to send a very important message to the criminals that so heinously attacked this countrythat they've lost, " said Grasso.

Other Exchanges To Open

The New York Stock Exchange, American Stock Exchange and Nasdaq have been closed since the attacks on the World Trade Center Tuesday. Even though no structural damage was done to the NYSE, communications and transportation systems in lower Manhattan's financial district have been severely interrupted. A number of the exchange's trading firms have also had to relocate their operations since the attack.

The American Stock Exchange, which was also not damaged in the attacks but is much closer to the World Trade Center recovery site, will also resume its trading on the floors of the New York Stock Exchange Monday. The Nasdaq, which is an electronically traded exchange based in New York's Times Square, was not affected by the attacks.

Grasso said the tests of voice and data connections with member firms have been successful so far. Some 20 percent of the circuits on the NYSE come from a Verizon switching center in lower Manhattan that is not operational. Grasso said the telecommunications company has re-routed those lines to enable the exchange to begin trading Monday.

While NYSE officials are striving to make trading seamless on Monday, Grasso stressed that security on Monday morning would be especially tight in light of the events of the past week. The exchange will also hand out masks to workers who might be concerned about the air quality surrounding the downtown area.

Time To Reflect

Responding to concerns about how the market would behave upon opening, Grasso said while he expected some dislocations in market prices after the turbulent four-day hiatus, he added that investors have also had time to sit back and reflect rationally on the market.

"Investors have had this time frame to step back and take a reasoned approach, take a thoughtful approach to their investments and to what this event has meant to America," said Grasso.

The NYSE chairman also stressed the need to be sensitive to the human aspect of the attacks on traders, most of who will be returning to the financial district on Monday for the first time since the attacks. The exchange will offer counseling services to those workers who feel they need them, and he expects financial services companies to also provide support for employees.

"Bringing back the network, bringing back the market is only part of the equation," said Grasso. "You've got to restore the confidence of those men and women who are going to market the market shine."