The firm's new headquarters at 660 Wall Street was erected in 1989, designed by Kevin Roche, John Dinkeloo & Associates. The 47-story structure replicates the elements of a classical column. In the same year, Morgan won back the right to underwrite corporate debt securities in the United States, powers that had been suspended by the passage of the Glass-Steagall Act of 1933. Equity underwriting permission followed in 1990. The firm's July 13, 1989 offering of 9.20% notes for the Xerox Corporation marked the first corporate debt securities offering underwritten by a commercial bank affiliate in the United States since the enactment of Glass-Seagall. In 1997, just eight years later, the firm managed more than $104 million in combined debt and equity issues in the United States-a figure that made Morgan the fourth largest securities underwriter in the world. Innovation remains a Morgan hallmark. As more and more borrowers and investors have turned to the securities markets to either raise or provide capital, Morgan has established market-making prowess across all asset classes in both emerging and developed markets. (The fixed income trading floor is shown here.) The firm trades the securities of more than 50 countries, and is the largest trader in emerging markets. Few institutions have played as prominent a role as J. P. Morgan in the development of modern global finance. Many of the clients that the firm first served during the 19th and 20th centuries maintain relationships with Morgan today, as do a wide and growing variety of individuals, governments, and business enterprises for which the firm provides access to debt and equity capital, advice on strategy and capital structure, research, risk management, and a complete range of trading capabilities. J. P. Morgan's core values, defined years ago by the Morgans themselves, are described today as ethics, teamwork, respect, merit, excellence, and development. The last illustrates Morgan's commitment to drawing out the potential of every employee at the firm. A sign of Morgan's dedication to the development of its people is the conversion of the firm's historic headquarters at 23 Wall Street into the most advanced conference and training center in the financial district. The center, which opened in early 1997, hosts Morgan's entry-level, mid-career, and project-specific training programs. Read about The House of Morgan.