impact that this event has had on the economy is yet to be seen.
We’re just seeing the tip of the iceberg. There’s so much uncertainty
floating around. That in itself is extremely bad news for the
market. We were already on course for a recession. Now the question
is how deep will it be, how long will it take? Most consumers
will stop or diminish their spending, and that will be a contributing
factor in slowing the economy even further. We haven’t seen anything
like this in the last 40 years.
Diz, professor of finance, School of Management
terrorist attacks on the World Trade Center, a symbol of our economic
might and financial prosperity, were a devastating blow to the
heart of our financial community and the soul of our nation.
The Chicago Board Options Exchange (CBOE) was one
of many financial institutions with offices in the complex. Thankfully,
our entire staff escaped safely, but sadly, several colleagues
did not, including a former CBOE vice chairman.
In the aftermath, the financial community
has unified like never before. Regulators, exchanges, and firms,
normally fierce rivals, have cast aside differences and competitive
instincts and united as one, rallying behind the sole cause of
restoring our markets. It has been an enormous undertaking, and
we are succeeding.
In the long run, American markets will endure
this crisis. Our country has the world’s most vibrant, liquid
markets and dedicated, skilled professionals. Driven by our renewed
passion and unwavering commitment to succeed, our markets will
remain the center of global finance.
Trustee William J. Brodsky ’65, G’68,
chairman and CEO of the Chicago Board Options Exchange