Explosion disrupts trading of 5 commodities exchanges WORLD TRADE CENTER EXPLOSION

February 27, 1993|By New York Times News Service

NEW YORK -- The explosion at the World Trade Center complex in lower Manhattan yesterday disrupted trading on the five commodities exchanges in New York.

The explosion also interfered with trading in the bond market and the market system of the National Association of Securities Dealers (Nasdaq).

But trading on the New York Stock Exchange and the American Stock Exchange was not directly affected.

The New York Mercantile Exchange, the Commodity Exchange, the Coffee, Sugar and Cocoa Exchange, the New York Cotton Exchange and the New York Futures Exchange share trading floors in the Commodities Exchange Center at 4 World Trade Center.

After the explosion, which occurred shortly after noon, trading stopped and traders were evacuated at 1:30 p.m.

The exchanges were expected to reopen Monday.

A number of large brokerage firms have their offices and trading rooms in the World Trade Center. As a result, after the explosion, Treasury bond trading eased and sales of new corporate bonds were halted.

Some of the Nasdaq trading terminals at brokerage firms in the World Trade Center did not function after the explosion, but most of the terminals at member firms were not affected and continued to operate normally.

In addition, the Nasdaq small-order execution system, which provides for automatic execution, suspended its trading activities immediately after the explosion. This system normally trades between 2 million and 6 million shares daily.

Nearby at the American Stock Exchange, "for just a fraction of a second we felt something" when the explosion occurred, said Bob Shabazian, a spokesman for the exchange. "The lights went down and the screens blanked out, but they came right back up. . . ."

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