Ten Years Later, We Have Seen The Great Changes After Wall Street.

This scene is unforgettable: since the 9.11 terrorist attacks began within four working days, the New York Stock Exchange (NYSE) suspended trading in New York, which was not far away from the world.

At that time, the NYSE was a non-profit.

Before the opening of August 12th, the trading floor of the New York stock exchange was very quiet.

Today, the NYSE has become an integral part of the NYSE Euronext, a for-profit publicly traded company in New York.

Electronic pactions have become the main body.

Once an emergency occurs, the paction information can be processed immediately and the seamless link can be realized from the office building outside New York.

This pformation is not entirely driven by the 9.11 incident, but it is one of the many changes that have reshaped Wall Street.

The NYSE's dependence on its trading halls has been greatly reduced. Its acquisition of electronic dealer Archipelago and its pending pactions with Deutsche Borse AG in 2006 increased its global visibility.

Stern, Professor of New York University s Stern School of Business, New York University, Smith (Roy Smith) said that today Wall Street is more of a psychological concept than a geographical concept.

9.11 after the terrorist attacks, observers predict that New York's financial elite will escape Manhattan's southern tip for security risks, and New York's financial sector is likely to shrink.

10 years later, the size of New York's financial sector has shrunk and financial institutions have become more widely distributed.

New York data show that the number of employees in New York's securities industry has dropped from more than 190 thousand to 168 thousand.

The collapse of the Twin Towers of the World Trade Organization accelerated the pace of the withdrawal of large companies from the lower cities of Manhattan.

Morgan Stanley, once the largest tenant of the world trade center, moved its headquarters to Midtown and moved some other businesses out of New York to avoid the impact of business interruption. Morgan,

Wall Street is far from deserted.

The New York Stock Exchange, Deutsche Bank AG and Bank of New York Mellon Corp. are representatives of the financial institutions whose main businesses are still on the streets of New York.

In the six blocks away from Manhattan, the new headquarters building of Goldman Sachs Group Inc. has been opened to the north of the financial giant, American Express Co., which has never left New York.

The rise of electronic pactions has reduced the lucrative commission income, and the major financial institutions have turned to other businesses such as fixed income securities, including the sale of various types of housing loan support securities in the period of economic prosperity before and after 2005.

Although this business pushed up Wall Street's profits from 2005 to 2007 and made many traders rich, it also laid the groundwork for the outbreak of the financial crisis in 2008.

Because of investors' risk aversion, Bell Sten, Bear Stearns and Lehman Brothers, such a once respected company, have fallen down because they failed to get rescue funds.

Before the 9.11 terrorist attack, Lehman brothers rented the office of the world trade center and the World Financial Center, and moved to Midtown after 9.11.

Three years ago, the bankruptcy of Lehman brothers in September forced the government to provide trillions of dollars worth of guarantees to support the banking system and financial markets, which also laid a hidden danger for the tense market and fragile economic recovery.

Some people say that worries about the financial sector are over the top.

But it is not clear when the banking industry will become clear.

Smith said that for the financial sector, the current situation is as bad as the 9.11 terrorist attacks, but it is not against the 9.11 from prosperity to depression.