What precautions has the securities industry taken in the wake of the September 11 terrorist attacks? Is the industry prepared to overcome the effects of another attack or a major natural disaster?
Business continuity planning has always been a top priority for the securities industry. The disaster of September 11 demonstrated the need for greater planning at the industry level and within individual organizations, securities firms, and service providers. In 2001, The Association formed a Business Continuity Planning Committee to help develop industry wide policies for responding to emergencies and ensuring that market activity can be quickly resumed in the event of an interruption. This year, the industry incorporated new BCP rules from the NYSE and NASD, which required additional enhancements to its plans and improved disclosures to customers. Recent events have demonstrated that the industry is well prepared. The industry’s BCP efforts were instrumental in Wall Street’s quick response to the August 2004 elevation of the terrorist threat level to Orange in advance of the National Republican Convention. Last August, BCP was tested when a massive power outage blacked-out much of t
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