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The huge volume of stock presents some service challenges that are still being addressed.
"We have data on volume of stock market activity, which we can use to infer something about the amounts paid in commissions for financial transactions," Mr. Moulton said.
For example, studies have documented an abnormally high volume of stock trades and increased price volatility during and immediately after the calls.
Mr. Wrona started buying shares of Ameritrade in the fourth quarter of 1999 because, he said, he was certain that the rising volume of stock trading late last year would result in strong earnings for electronic brokerage firms.
Maybe his legitimate business, which handled a large volume of stock trades, was profiting from front-running customer orders, buying stocks that were about to have big buy orders and then selling them at a profit.
Ms. Cohn is the president of Cohmad Securities, a tiny brokerage firm that shares office space with Mr. Madoff's firm but clears its small volume of stock trades through the investment bank Bear Stearns.
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The volume of stocks traded was only a third of the usual volume.
The other is Wall Street -- in particular, the volume of stocks being traded, which he said is an even better forecaster of Wall Street employment than stock prices.
This problem is important in manufacturing companies that seek to reduce the volume of stocks while ensuring the continuity of the production process.
The trading volume of stocks in the S.& P. 500 was down about 36 percent from the average of the previous week.
They switched to 12-hour shifts the second day after the attack, he said, and on Monday the volume of stocks traded was double anything the firm had ever handled.
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CEO of Professional Science Editing for Scientists @ prosciediting.com