NEW YORK, Sept. 14 /PRNewswire/ -- The following is a statement by Micah
S. Green, president, The Bond Market Association:
On Tuesday, New York's twin towers, along with thousands of lives, were
tragically destroyed. But the twin towers of the American economy, its
productivity and its diversity, stand. In the last week, we came to realize
that The World Trade Center's towers were a symbolic inspiration to the city
and to the nation. In their absence, they remain an inspiration to the
thousands of city workers and volunteers who are struggling to find survivors,
recover the victims and provide support to the effort in innumerable ways.
In the aftermath of the disaster, based on continuous contact with its
membership in the U.S. and around the globe, The Bond Market Association
recommended that trading resume on Thursday, albeit on a shortened schedule,
resulting in a trading pause of less than two days.
As trading activity resumed, the bond market demonstrated that it was
fundamentally sound. Redundant communication and technology systems helped
ensure that trading, although lighter than normal, proceed in an orderly and
effective manner. The Association's recommendation to extend settlement times
for September 13 and September 14 trades in government securities to T+3,
adjusted to T+5 for September 17, reflects the industry's prudent desire to
relieve the system from undue strains -- given the resource constraints -- as
equity trading is also expected to resume after the weekend. The extended
settlement and the extra time it provides also reflect a desire to ease the
incredible burdens on the industry's workforce during the past week. The
Association's membership anticipates that regular trading activity levels will
incrementally return to more normal levels.
The Association's Web site, http://www.bondmarkets.com, has served as a
communications nexus for the industry, the public, and governmental
regulators, providing vital information for the specific bond market sectors
and acting as a clearinghouse between the industry and government in restoring
access to New York's financial district.
We stand in admiration of our colleagues in the bond market community who
persevered to resume bond market trading as soon as possible even as they
mourned their colleagues and prayed for the survivors. But we will never
forget the thousands in the bond market community who lost their lives and who
served the American economy so well.
This weekend, please feel free to contact Michael Dorfsman at 203-322-7661
or Myra Dandridge at 202-387-7790 for information on The Bond Market
Association. For European media, please contact Tristan Peniston-Bird at
+44-7775-71235.
SOURCE The Bond Market Association
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Related links:
http://www.bondmarkets.com
CONTACT:
Michael Dorfsman, +1-212-440-9426 or Myra L.
Dandridge, +1-202-434-8421, both for The Bond Market Association
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