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CFTC) Report on the Futures Industry Response to Losses Suffered in the September 11Th Terrorist Attacks, 11-March-2002

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CFTC) Report on the Futures Industry Response to Losses Suffered in the September 11Th Terrorist Attacks, 11-March-2002 Description of document: US Commodity Futures Trading Commission (CFTC) Report on the Futures Industry Response to losses suffered in the September 11th terrorist attacks, 11-March-2002 Requested date: 07-August-2011 Released date: 14-September-2011 Posted date: 19-September-2011 Titles of documents: Report of the Commodity Futures Trading Commission on the Futures Industry Response to September 11th, March 11, 2002 Summary Report of the Commodity Futures Trading Commission on the Futures Industry Response to September 11th, March 11, 2002 Source of document: FOIA Compliance Office Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, NW Washington, DC 20581 Fax: 202-418-5124 Online FOIA Request Form The governmentattic.org web site (“the site”) is noncommercial and free to the public. The site and materials made available on the site, such as this file, are for reference only. The governmentattic.org web site and its principals have made every effort to make this information as complete and as accurate as possible, however, there may be mistakes and omissions, both typographical and in content. The governmentattic.org web site and its principals shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information provided on the governmentattic.org web site or in this file. The public records published on the site were obtained from government agencies using proper legal channels. Each document is identified as to the source. Any concerns about the contents of the site should be directed to the agency originating the document in question. GovernmentAttic.org is not responsible for the contents of documents published on the website. U.S. COMMODITY FUTURES TRADING COMMISSION Three Lafayette Centre 1155 21st Street, NW, Washington, DC 20581 Telephone: (202) 418-5105 Facsimile: (202) 418-5124 www.cftc.gov FOIA Compliance Office September 14, 2011 Via Electronic Mail FOIA No. 11-00138-FOIA Re: Request for Copy of any and all CFTC Reports that Discuss or Identify the Extent of Records Losses by CFTC in Regard to the Destruction of the CFTC Offices Located at the One WTC in a Terrorist Attack on September 11,2001 This letter is in final response to your August 7, 2011, Freedom of Information Act request for the above information. Commission staff has identified material responsive to your request and has determined that your request should be granted in full. A copy of the responsive material, totaling 62 pages, is attached. Please note that this information is also available in the public domain at http://www.cftc.gov/files/opa/opa9-11 reportsummarv.pdf. Please direct any questions you may have concerning the initial processing of your request to the undersigned at 202-418-5497. Sincerely, Is/ Linda J. Mauldin Paralegal Specialist Report of the Commodity Futures Trading Commission on the Futures Industry Response to September 11th March 11, 2002 Table of Contents Introduction ......................................................................................................................................... I The Role of the Futures Markets ................................................................................................... 1 The Role of the CFTC .................................................................................................................... 2 Impact of the Terrorist Attacks ...................................................................................................... 3 Preparedness Efforts .......................................... o.... •ooo .............................................. oo ........ o•o• .... o... 4 I. Reopening the Futures Markets ........................................................................... ? A. Tuesday, September II th ........................................................................................................ 7 1. The New York Board ofTrade .................................... oo .................................................... 7 2. The New York Mercantile Exchange ................................................................................ 8 3. Other Commodity Futures Exchanges ............................................................................ I 0 4. The Regulators - Communication and Coordination ..................................................... I 0 B. Wednesday, September 12th through Friday, September 14th ........................................... 13 1. NYBOT ........................................................................................................................... 13 2o NYMEX ......... oo ...................................................................... oo ....................................... 13 3. Other Exchanges ......... oo ......................................................................... 0 o...... oo•• ............. 14 4. The Regulators o................................................................................ oo .............. oo ........ oo ... 15 C. The Weekend, September 15th and 16th .............................................................................. 18 1. NYBOT ..................... 0 .................................................................... 0 ................................ 18 2. NYMEX .0 ................... ooooo ........................................................ o....... oo ............. oo ............... 18 3. The Regulators . oo ........ 0 .................................................................................................... 19 D. Monday, September 17th •ooo ....................................................... o.. ooooooooooooo•oo ....................... 19 1. NYBOT ......................... 0 ................................................................................................. 19 2. NYMEX ........................ o......... oo ...... o..... oooooooooo ........... oooo ................... o............. o............... 20 3. Other Exchanges ............................................................................................................. 21 4. The Regulators ..................... oooooooooooo ...................................... oo .......... ooo ....... ooo ........ oo ...... 21 E. Moving Forward, September 18th to the Present ................................................................ 21 I. NYBOT ............. o............ o.... oo ... o.............. oooo ... o.... o.............................. oo ........ ooo ................ 21 2. NYMEX .... o............ 00 ........ o............... o....... o......... o.o ...................... o......... o........ o................ 22 3. Other Exchanges .. 0 ........ oo ............... oo. 0 ........... 0 0 ..... 0 ................. 0 0 ............ 0 .......................... 22 4. The Regulators ..................................... o..... oo•o•···· ............... o................... o....... o.... o....... oo•• 22 F. Cooperation with Law Enforcement Authorities ............................................................... 26 II. Restoring Commission Operations ............................................................. 28 A. The First Two Weeks .......................................................................................................... 28 B. The Next Four Weeks ......................................................................................................... 3I C. Moving beyond the Immediate Aftennath ......................................................................... 32 D. What Worked Well .............................................................................................................. 33 E. Issues to Address ................................................................................................................. 33 lll. Initial Review of Preparedness Efforts .................................................... 35 A. Preparedness of Market Participants .................................................................................. 35 I. The Futures Commission Merchants .............................................................................. 36 2. The Exchanges, Clearinghouses, and NF A .................................................................... 37 a. Immediate Reactions to the Disaster .......................................................................... 38 b. Contingency Plans ....................................................................................................... 40 c. Suggestions for Industry-wide Initiatives .................................................................. 4I d. Previous Reviews of Contingency Plans .................................................................... 42 B. Preparedness of the CFTC .................................................................................................. 43 I. Immediate Reactions to the Disaster .............................................................................. 43 2. The Benefits ofY2K Preparations .................................................................................. 44 3. Protecting Market Surveillance Capabilities .................................................................. 45 4. General Infonnation Security Issues before September II th ......................................... 45 5. Increased Emphasis on Security Issues after September II th ........................................ 46 C. Moving
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