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THE EVOLUTION OF THE FINANCIAL COMMUNITY

Like so many others I have felt a terrible sense of personal loss in the past four weeks, having known personally, a great number of those caught up in the tragic events of September 11th.

From a professional perspective it has also been a very sobering time. Traffic on risk management web sites has been higher in the past four weeks that at any other time this year. Many in the risk management field have been desperately hoping that the systems they built are up to the huge tasks they are now faced with.

We know that the financial markets can handle almost anything and will surely move on from this recent act of terrorism better equipped that ever before. Right now an awful lot of people are realising just how important that risk management system purchase was.

Bobs Guide has witnessed a record number of hits in web traffic in the days immediately following the tragedy. Very high usage levels have continued in the subsequent weeks as people look to identify and evaluate the technology suppliers they need in order to start the process of rebuilding their fractured or non-existent institutional infrastructures. We have been uniquely placed to observe the ebbs and flows of software system sales enquiries. The sudden and dramatic increase in our web site traffic, requesting information and contacts, has been the clearest demonstration I have seen of the huge task ahead for so many financial professionals and the enormous repercussions for both the number and the type of systems that people will be buying in the very near future.

The financial community will survive and continue to evolve! It will adapt to a new set of rules and business will continue. The companies that have risen from the rubble of the World Trade Centre will never regret the investment they made in back-up and disaster recovery facilities.

We all hope we will never again witness such a tragic event but one thing is certain. The financial industry will recover and the software industry will continue to develop products to meet a whole new set of demands made on it.