SIA Reports Terrorist Attack Cost Industry Over $1 Billion

The impact of the terrorist attacks of Sept. 11 on the securities industry looks to be more than $1 billion. An SIA report estimates that the securities industry’s net operating profits for the third quarter, which showed indications of coming in at $1.0 billion to $1.4 billion, will now be a loss of $200 million. The estimate does not include extraordinary costs from the New York attack, which should

The impact of the terrorist attacks of Sept. 11 on the securities industry looks to be more than $1 billion.

An SIA report estimates that the securities industry’s net operating profits for the third quarter, which showed indications of coming in at $1.0 billion to $1.4 billion, will now be a loss of $200 million.

The estimate does not include extraordinary costs from the New York attack, which should largely be offset when insurance recoveries are made in the fourth quarter and beyond, the SIA reports.

The full text of the report is available at http://www.sia.com/reference_materials/pdf/RsrchRprtVol2-8.pdf.

Editor's note: For any comments regarding this article, or to suggest a story idea for RR Online or Registered Representative magazine, contact Editor in Chief Dan Jamieson at [email protected], Online Editor Rick Weinberg at [email protected], Online Managing Editor Cheryl Cooper at [email protected] or Senior Editor Michael Hayes at [email protected]

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