For September 11th Commemoration: How The Financial Markets Responded in the Face of Terror, Resources Now Available at sechistorical.org

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The SEC Historical Society's digital museum and archives, sechistorical.org, now has first hand accounts from regulators, investment leaders and others who played an integral part in making the financial markets work in the aftermath of the September 11 terrorist attacks. These resources provide insights, context and lessons learned for the financial markets facing a major catastrophe.

The hours and days following the attacks were marked by an exceptional focus, not on personal gain, but on working for the common good – an impressive and effective response detailed in the collections of sechistorical.org.

As the nation reflects on the tenth anniversary of the September 11th attacks, http://www.sechistorical.org presents extraordinary resources documenting the impact on and response by America’s financial markets to this tragic event in its history.

“People make the markets and our system of regulation work. When America’s financial epicenter was attacked on 9/11, the people in both the investment and regulatory worlds pulled together to bring the financial markets back,” said Carla Rosati, Executive Director of the SEC Historical Society. “The hours and days following the attacks were marked by an exceptional focus, not on personal gain, but on working for the common good – an impressive and effective response detailed in the collections of http://www.sechistorical.org."

The profound impact recorded in http://www.sechistorical.org collections and timelines includes:

  •     More than 70 percent of the people killed in New York City, excluding emergency workers and airline passengers, worked in the financial services industry.
  •     The building at Seven World Trade Center, which housed the SEC New York Regional Office, collapsed with no fatalities.
  •     Physical securities worth several billion dollars were destroyed.
  •     Despite the loss of utilities and communications services throughout most of the Wall Street area, federal, state and local governments, the SEC, self-regulatory organizations and the private securities industry succeeded in re-opening the debt markets on Thursday, September 13, and the equity and option markets on Monday, September 17.
  •     To temporarily stabilize the market, the SEC for the first time used its emergency powers to effect temporary rule changes, letting issuers buy back their own stock at the open and close of the market.

Reflections on the events surrounding September 11th from a transcript of Crisis and Resolve: The SEC and the Securities Industry Remember September 11, 2001, a discussion during the SEC Historical Society’s 2005 Annual meeting, are attached. Individual reflections on the 9/11 attacks can be found in the sechistorical.org archives as well.

About sechistorical.org

The virtual museum and archive at http://www.sechistorical.org opens the door to the history of financial regulation from the 20th century to the present. Free and accessible worldwide at all times,sechistorical.org is built and administered by the SEC Historical Society, a non-profit organization. Both the virtual museum and archive and the Society are independent of the U.S. Securities and Exchange Commission and receive no government funding. sechistorical.org currently welcomes more than 300,000 visitors annually.

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Liz Wainger

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