Contingency trading site to be built at MetroTech.Bruce C. Ratner, president and chief executive officer of Forest City Ratner Companies, the developers of MetroTech Center, announced that Chubb Contingency Trading Facility (ChubbCTF), a new division of Chubb Services Corporation, has leased 42,000 square feet of space at One MetroTech Center in Downtown Brooklyn Downtown Brooklyn is the third largest central business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the . With this lease, One MetroTech Center is 100 percent occupied only 12 months after its completion in June 1992. ChubbCTF will use its new space at MetroTech Center to construct a hightech disaster recovery hot-site trading facility that will provide up to 340 trading seats. The facility at MetroTech will be designed to be instantly accessed and operational (within 24 hours) without the usual delay for communications hook-ups, enabling financial traders to resume operations quickly if their regular facilities become inoperable inoperable /in·op·er·a·ble/ (in-op´er-ah-b'l) not susceptible to treatment by surgery. in·op·er·a·ble adj. Unsuitable for a surgical procedure. . The hot site will be equipped with all necessary voice and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. for the firm's financial and trading needs essentially duplicating the trading room The notion of "trading room" (sometimes used as a synonym of "trading floor", see below) is widely used in financial markets to refer to the office space where market activities are concentrated in investment banks or brokerage houses. , communications, market data and other support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services used at their primary office location. The need for disaster trading facilities was identified by the Wall Street Telecommunications Association (WSTA WSTA Wall Street Technology Association WSTA Washington Science Teachers Association (Washington state) WSTA Wisconsin State Telecommunications Association WSTA Water Science and Technology Association ), an organization of communications managers representing major banking and brokerage firms, who, in 1989, formed a "Disaster Recovery Hot Site Consortium" to formulate a plan to meet their emergency needs in the case of a disaster. The criteria for the hot site stressed that it be located outside Manhattan but within easy reach of Wall Street and Midtown traders and brokerage firms. Con Edison recently re-designed and upgraded a fire-proof electrical substation An electrical substation is a subsidiary station of an electricity generation, transmission and distribution system where voltage is transformed from high to low or the reverse using transformers. with emergency failsafe features that distributes power more reliably and is independent of power sources that serve lower Manhattan. This, coupled with downtown Brooklyn's easy access to the Wall Street and Midtown areas, makes MetroTech Center an ideal location for this trading center hot site. When not needed for emergency purposes, subscriber firms can use the hot site for non-emergency purposes such as for training programs, handling overflow from primary trading sites, or as a backup trading site during relocations. |
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