Alexander Osipovich
speaker
528 appearances
11 recordings
1 series
first heard Dec 2017
last heard Feb 2025
Alexander Osipovich’s voice in public audio — every appearance, attributed to the second.
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Appearances
by Wall Street firms.
A lot of the phone lines and data lines that connected different banks and brokers to the New York Stock Exchange were severed.
Initially, when they decided to close the market on the morning of 9-11, they didn't know this.
It was just sort of an uncertain situation.
They decided to close down the New York Stock Exchange and other exchanges.
as a precaution.
But then it became clear that there had been all this damage and it took a while to fix.
Obviously, people had a lot of other stuff on their minds during the immediate aftermath of 9-11.
But for those people who were concerned about their stock positions and things like that, things were basically frozen.
You could call up your broker and try to place an order.
But generally speaking, orders weren't executed until the markets finally reopened, which happened on Monday, September 17th.
There were also some disruptions, for instance, for people who wanted to liquidate money market funds to raise cash.
That was impossible to do for a couple of days.
One big thing that changed was a lot of companies, banks, brokerages, exchanges, moved their systems out of lower Manhattan.
It was commonly the case before 9-11 that you would have a main system and a backup system, but companies would just have both of them in Manhattan, sometimes in the same neighborhood or the same building.
It turned out that was not a good idea if you were dealing with a physical attack with broad damage like 9-11.
So now a lot of that stuff was moved out often to data centers in New Jersey.
In addition to that, much of trading back in 2001 still took place on old-fashioned trading floors, the New York Stock Exchange being the best-known example.
But now trading is generally electronic.
The NYSE still has a floor, but it frankly doesn't do very much.
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