Wrath of Superstorm Sandy still hampers trading
It's been more than six weeks since Superstorm Sandy turned the New York metro area upside down with its high winds and flood waters. And while most of the region has seen its power restored, there are entire swaths of the financial district still in the dark. In response, many financial firms are relying on their business continuity plans and disaster recovery centers to get back to work.
As reported in Wall Street & Technology, it comes down to power that has yet to be restored to building and in some cases portions of neighborhoods. For starters, PATH train service from New Jersey to lower Manhattan remains disrupted and has forced thousands of financial services employees to find alternative routes to get to work.
Many buildings in the former flood zones remain without power. Why? Even though the flood waters have receded, "almost everything that was touched by flood waters more than 40 days ago in these buildings needed to be removed, replaced and inspected before being connected back to the power grid."
This includes wiring, transformers, telecom equipment, boilers, insulation, sheetrock and carpeting and more. Once these times are replaced then city inspectors can give the green light to returning office workers.
Shaun Tamarozzi of Techemet Metal Trading says his firm's offices on 80 Broad Street were closed indefinitely following Sandy. "We were scrambling to find new offices to resume trading," Tamarozzi writes.
Thankfully, Bloomberg opened its disaster recovery facility on Houston Street to customers displaced by Sandy two days after the storm hit. At some points after the storm, Bloomberg had more than 200 users in the facility.
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