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CNN Live At Daybreak

Stock Exchange Learns Lesson from 9/11

Aired January 10, 2002 - 06:18   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Officials at the New York Stock Exchange have safeguards in place in the wake of the terrorist attacks. As CNN's Steve Young reports, one contingency plan includes an alternate trading site.

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STEVE YOUNG, CNN CORRESPONDENT (voice-over): Backup power, phone service, and two redundant off-site data processing centers have long been part of the Big Board's contingency plan. But there is something new since the dreadful events of September 11. The Stock Exchange now has an alternative place to trade on standby.

ROBERT BRITZ, CO-CHIEF OPERATING OFFICER, NYSE: If for some reason we were not in a position to occupy this building; and, therefore, not in a position to bring up the trading facility here, we would be operating on a worst case basis next day from an alternative trading site.

YOUNG: Taking a page from the Bush administration, which often says Vice President Cheney is at a secure, undisclosed facility, the Stock Exchange says the location of its alternative trading floor is secret, except that it's somewhere in New York City.

RICHARD GRASSO, CHAIRMAN AND CEO, NYSE: If god for bid we were to have to deploy this strategy, we're obviously going to have a fair amount of interest as to where that site is. And you're going to want to be there and that will happen, OK? We just want to be in the position that we don't necessarily put road maps out well in advance.

YOUNG: Disaster recovery experts say to refurnish a standby site for hundreds or even thousands of workers, and keep its location secret, sometimes requires non-disclosure agreements.

JIM SIMMONS, CEO, SUNGUARD AVAILABILITY SERVICES: I know that in some cases clients have done those things like that, just to help keep things quiet. Some of them will also use internal labor or contractors that they've used for a long time.

YOUNG: Barriers keep potential Stock Exchange bombers from getting any closer than a block or two. And security inside and out has been considerably beefed up.

(on camera): On 9/11, businesses that routinely back up their computer files realized too late they failed to back up their paper records. The Stock Exchange is ahead of the curve and does paper backups, too.

Steve Young, CNN Financial News, New York.

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