Financial Firms Implement Contingency Plans

September 12, 2001 ( - Many of the financial services firms that until yesterday morning operated from the World Trade Center in New York have put their contingency plans in place and expect to be running smoothly within a short time.

The core business operations of Clearstream International, a major international clearing and settlement group, which offers services for equities, bonds and investment funds, are operating as normal, the company reported on its Web site.

The company, which rented space on the 13th and 14th floors of the North Tower, also reports that all its New York-based employees have been contacted and are safe.

Support Systems

The group, which expects to handle over 150 million transactions this year, reported that customer service support is being provided to the North American market from offices in Mexico City, São Paulo, London and Luxembourg, while the group takes the necessary steps to be operational again from New York.

The group is also “contacting its customers to offer assistance from a business and humanitarian point of view”, and “collaborating with other market infrastructure organizations and market players to assist if needed,” according to the statement.

Investment Banks

According to a Reuters report, Deutsche Bank AG, which had over 350 people in the building, said all of its lower Manhattan staff was evacuated Tuesday morning. Workers in downtown offices have been relocated to other facilities and non-essential staff stayed home, a spokesman for the German bank said.

In an online statement, Morgan Stanley, the buildings’ largest tenant stressed that “in spite of this tragedy, all of our businesses are functioning and will continue to function,”. “All our clients should rest assured that their assets are safe….” the message went on to say.