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CON EDISON BLACK OUT PATROL
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Date Posted: 18:53:40 08/14/03 Thu
Wall Street: We're open for business
Exchanges, back-office operations run on backup power
By David Weidner, CBS.MarketWatch.com
Last Update: 7:39 PM ET Aug. 14, 2003
NEW YORK (CBS.MW) -- Despite the havoc unleashed by a massive blackout throughout the Northeast, U.S. markets and other financial institutions say they're ready to resume trading as usual on Friday -- even if it means using backup power.
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Market officials and Wall Street's big banks reported few, if any, glitches in their trading rooms after the outage hit. Along with the New York Stock Exchange and the Nasdaq, most trading firms quickly switched over to battery-generated power.
Since the electricity was knocked out shortly after the 4 p.m. close of the markets, the blackout apparently didn't affect investors.
"No data from today's trading has been lost," the NYSE said in a statement. "In addition, SIAC (the exchange's data-processing arm) is operating at normal capacity on generator power. The NYSE is prepared to open on generator power."
Ray Pellechia, a spokesman for the exchange, said it was too soon to tell whether there was any damage sustained from the sudden power loss.
Nasdaq said its computer facility was operating on backup power. After-hours trading continued on the Island ECN and Archipelago networks. See full story.
"There have been no reports of disruption in the banking services community," said Rob Nichols, a spokesman for the U.S. Treasury Department. "The bond markets are not disrupted."
Wall Street ready
J.P. Morgan Chase (JPM: news, chart, profile) reported it was "business as usual" on its trading floor, which operates on an uninterrupted power supply. At the bank's Park Avenue headquarters, nontrading-floor computers came back on after a momentary loss of power.
At Merrill Lynch (MER: news, chart, profile), a spokeswoman said the trading floor was live and "will be able to be live tomorrow." She said settlement of Thursday's trades was unaffected and "our backup systems are working fine."
Goldman Sachs (GS: news, chart, profile) reported a short delay before power was restored but said its equity and fixed-income trading floors were up and running. Morgan Stanley (MWD: news, chart, profile) said its trading floor was functional, but that its office computers were off, at its Sixth Avenue headquarters. Credit Suisse First Boston (CSR: news, chart, profile) said it, too, had gone to battery power.
No terrorism
New York Mayor Michael Bloomberg said power was slowly starting to come back from various facilities but said it would take hours, not minutes, to restore it.
He said power went out as far west as Ohio and as far east as Connecticut. See full story.
Bloomberg said evacuation procedures were orderly and nobody was injured. He added that there was no evidence terrorism was a cause.
"I would expect everything to be back to business tomorrow," Bloomberg said.
Fire and police departments have reported no big fires or criminal activity as a result of the blackout, he said.
The mood
In midtown Manhattan, pedestrians jammed the streets, traffic lights were out and cars were trying to devise their own way through traffic. One pedestrian, a woman, was helping direct traffic.
At Roosevelt Gourmet Deli on West 57th Street, the electricity was out and customers were buying water and sandwiches. At the Food Village across the street, water, beer and candles were the biggest sellers. When asked why he wanted beer, one customer said, "For just a little fun later on."
Lindsey Carloni, a BNP Paribas summer intern, said she left the French bank shortly after 4 p.m. "Everyone had to evacuate," she said.
Wall Street: We're open for business
Exchanges, back-office operations run on backup power
By David Weidner, CBS.MarketWatch.com
Last Update: 7:39 PM ET Aug. 14, 2003
NEW YORK (CBS.MW) -- Despite the havoc unleashed by a massive blackout throughout the Northeast, U.S. markets and other financial institutions say they're ready to resume trading as usual on Friday -- even if it means using backup power.
Market officials and Wall Street's big banks reported few, if any, glitches in their trading rooms after the outage hit. Along with the New York Stock Exchange and the Nasdaq, most trading firms quickly switched over to battery-generated power.
Since the electricity was knocked out shortly after the 4 p.m. close of the markets, the blackout apparently didn't affect investors.
"No data from today's trading has been lost," the NYSE said in a statement. "In addition, SIAC (the exchange's data-processing arm) is operating at normal capacity on generator power. The NYSE is prepared to open on generator power."
Ray Pellechia, a spokesman for the exchange, said it was too soon to tell whether there was any damage sustained from the sudden power loss.
Nasdaq said its computer facility was operating on backup power. After-hours trading continued on the Island ECN and Archipelago networks. See full story.
"There have been no reports of disruption in the banking services community," said Rob Nichols, a spokesman for the U.S. Treasury Department. "The bond markets are not disrupted."
Wall Street ready
J.P. Morgan Chase (JPM: news, chart, profile) reported it was "business as usual" on its trading floor, which operates on an uninterrupted power supply. At the bank's Park Avenue headquarters, nontrading-floor computers came back on after a momentary loss of power.
At Merrill Lynch (MER: news, chart, profile), a spokeswoman said the trading floor was live and "will be able to be live tomorrow." She said settlement of Thursday's trades was unaffected and "our backup systems are working fine."
Goldman Sachs (GS: news, chart, profile) reported a short delay before power was restored but said its equity and fixed-income trading floors were up and running. Morgan Stanley (MWD: news, chart, profile) said its trading floor was functional, but that its office computers were off, at its Sixth Avenue headquarters. Credit Suisse First Boston (CSR: news, chart, profile) said it, too, had gone to battery power.
No terrorism
New York Mayor Michael Bloomberg said power was slowly starting to come back from various facilities but said it would take hours, not minutes, to restore it.
He said power went out as far west as Ohio and as far east as Connecticut. See full story.
Bloomberg said evacuation procedures were orderly and nobody was injured. He added that there was no evidence terrorism was a cause.
"I would expect everything to be back to business tomorrow," Bloomberg said.
Fire and police departments have reported no big fires or criminal activity as a result of the blackout, he said.
The mood
In midtown Manhattan, pedestrians jammed the streets, traffic lights were out and cars were trying to devise their own way through traffic. One pedestrian, a woman, was helping direct traffic.
At Roosevelt Gourmet Deli on West 57th Street, the electricity was out and customers were buying water and sandwiches. At the Food Village across the street, water, beer and candles were the biggest sellers. When asked why he wanted beer, one customer said, "For just a little fun later on."
Lindsey Carloni, a BNP Paribas summer intern, said she left the French bank shortly after 4 p.m. "Everyone had to evacuate," she said.
http://cbs.marketwatch.com/news/story.asp?guid=%7B9B0D0607-1095-4E68-9951-87D33021FE1A%7D&siteid=google&dist=google
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Wall Street: We're open for business