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News > Companies
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Morgan Stanley eyes back-up
graphic October 30, 2001: 4:41 p.m. ET

Securities firm Morgan Stanley plans to build emergency trading facility.
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  • Morgan Stanley said to mull selling NYC space - Oct. 5, 2001
  • Morgan Stanley profit off 41% - Sep. 21, 2001
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  • Morgan Stanley
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    NEW YORK (CNNmoney) - After escaping two terrorist attacks at the World Trade Center without any operational disruptions, Morgan Stanley is planning to build a backup trading facility within 35 miles of its headquarters in midtown Manhattan, but not on the same power or telephone grid.

    Sources familiar with the situation said Tuesday the backup location could be located in Manhattan, a suburb of New York, New Jersey or Connecticut.

    Morgan Stanley's decision to construct a back-up facility came after the World Trade Center collapsed and eliminated two of the company's three data providers to its Japanese trading arm, according to the Wall Street Journal

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    Morgan will set the location of the new site in the next year and a half and it will be designed to hold 1,500 to 2,000 employees. However, it is not known how much it planned to spend on the facility.

    Morgan recently constructed an office tower across the street from its headquarters in Manhattan and the sites would have shared the same power and telephone grids. As a result, Morgan decided to sell the building to Lehman Brothers for $650 million, about what it paid to build the tower.

    Shares of Morgan Stanley (MWD: Research, Estimates) fell about 1.5 percent on the New York Stock Exchange Tuesday. graphic

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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