Municipal Bond Market Stands Tall After Sandy

The municipal bond market was able to start trading on Wednesday after the destruction and damage of superstorm Sandy.  Wall Street firms located in the downtown financial district of New York City were particularly hard hit.  However, diseaster recovery (DR) facilities had firms up and running.  “We are working from a remote location and our business is running smoothly,” according to a foreign bank with a major municipal bond presence. “There is no date set for moving back to our offices downtown.”

Rob Purpora, principal at Hartfield, Titus & Donnelly (HTD), reported, “Jersey City fared well during the storm and we were able to open this morning.  The big problem is the lack of mass transit and only one tunnel being open, which makes it difficult for our people to get into work.”

Major Wall Street Syndicate Managers were working from home or remote locations due to the lack of mass transit.  “We are up and running,” a syndicate desk analyst said.

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