Financial Markets Pay Tribute to Sept.11 Victims

U.S. financial markets, including the major stock exchanges and bond markets, observed the second anniversary of Sept. 11 today to honor the victims of the 2001 terrorist attacks on the World Trade Center, according to information posted on each of their Web sites.

In concert with the City of New York's tribute this morning, the New York Stock Exchange, the American Stock Exchange (Amex) and the Nasdaq Stock Market observed four moments of silence from 8:45 a.m. to 8:47 a.m. when the first plane struck the North Tower, from 9:03 to 9:04 a.m. when the second plane struck the South Tower, from 9:59 to 10:00 a.m., the time of the fall of the South Tower, and from 10:29 to 10:30 a.m., the time the North Tower fell. Amex, which lost ten individuals that day, planned to honor them individually.

Trading began at all three exchanges at the regular opening time of 9:30 a.m. In a memo to heads of trading, technical staff and compliance officers, which was posted on the Nasdaqtrader.com site, Glenn Wolyner, Nasdaq's executive vice president and head of transaction services, urged participants to refrain from trading activity during those moments of remembrance, including the latter two observances which occurred after the trading session began.

The bond market, under the leadership of The Bond Market Association (TBMA), observed two moments of silence: at 8:46 a.m., when the first plane hit the first tower, and then at 10:29 a.m., when the second tower fell.

To memorialize the loss of hundreds of bond professionals, TBMA scrolled the names of its member victims across its Virtual Market, a high-resolution video screen beginning at 8:46 a.m., the moment the first plane hit the first tower and continued scrolling the names until 10:29 a.m., the time when the second tower collapsed. The scroll was available for transmission via satellite, according to a TBMA press release sent out yesterday.

The bond industry lost more members than any other segment due to the high concentration of bond professions working in the World Trade Center, states the TBMA release, including Cantor Fitzgerald, the equity and bond brokerage firm, which lost 658 employees on Sept. 11.

Today, Cantor Fitzgerald LP, eSpeed, Inc., the developer of electronic marketplaces and trading technology, will donate 100 percent of the worldwide revenues generated by their operating business lines today to The Cantor Fitzgerald Relief Fund. The firm announced the donation on Monday. Cantor made a five-year commitment to donate 25 percent of its profits. The fund supports the firms' Second Annual September 11th Charity Day, which raised over $5 million last year. Altogether, the Fund has raised more than $120 million for the families and loved ones of the 658 employees it lost. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio