LYCOS RETRIEVER 
New York Stock Exchange: New York City
built 653 days ago
The New York Stock Exchange, closed since the 9/11 attacks, reopens. During the next five days, the Dow Jones drops nearly 2000 points, but then soon rebounds to above pre-9/11 levels. The attacks caused more than $20 billion in property damage to buildings in New York City and Washington. According to one estimate, the work stoppage and other loss of economic output costs about another $47 billion, making the attacks the costliest man-made disaster in US history.
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Even without the recent stock market scandals, New York's position as financial capital has been eroding. In the year 2000, the securities industry in New York City employed 189,000 people; a year later, thanks to the economic slowdown, the figure was down to 175,500. In 1991, the city had just over 30 percent of the nation's securities-related jobs. A decade later, thanks to the rise of electronic stock trading, the figure was below 24 percent. And this was before September 11th, 2001.
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Headquartered in New York City, Family Wealth Advisors delivers highly sophisticated wealth and investment management advice, solutions and services to the nation\'s wealthiest individuals and families. Family Wealth Advisors serves clients in the New York, San Francisco, Los Angeles, Chicago, Miami, Dallas and Boston metropolitan areas and in partnership with The Private Bank in other markets across the United States. Advisors are backed by the expertise and resources of the Family Wealth Center, a centralized group of advisory specialists.
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The conference, which took place at TIAA-CREF's New York City headquarters, was co-sponsored by TIAA-CREF's Corporate Governance Group, headed by Peter C. Clapman, TIAA-CREF senior vice president and chief counsel, Corporate Governance. The mission of the TIAA-CREF Institute, created in 1998, is to broaden and strengthen TIAA-CREF's longstanding leadership role in supporting lifelong financial security for individuals and their families. The Institute's fields of research and education include: pension and retirement issues; health, life and long-term care insurance; investment products and strategies; endowments and planned giving; higher education financing and trends; corporate governance; and financial literacy.
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For New York City, the stakes are especially high. By thoroughly restructuring itself, the exchange is attempting to preserve jobs while retaining its primacy among stock markets and its position at the epicenter of the financial services industry. This industry is arguably the most important in New York, one that accounts for a third of the city's economy and a quarter of its tax revenues.
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The NYSE took shape in New York City in the 1790s, where merchants and brokers held public auctions and negotiated deals in and around the landmark Tontine Coffee House at the corner of Wall and Water Streets. New York proved a particularly rich market for the government securities which had helped fund the Revolutionary War. As New York commerce evolved, the budding securities market grew accordingly in complexity and scope. On May 17, 1792, two dozen brokers signed the 'Buttonwood Agreement,' founding the Exchange on lower Wall Street. They agreed to avoid public auctions, to collect minimum commissions on federal bonds (public stock), and to 'give preference to each other' in their trading deals.
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