Regulators Give Wall Street Disaster Recommendations
By REBECCA CHRISTIE DOW JONES NEWSWIRES
WASHINGTON -- Regulators asked key Wall Street firms to be ready to resume operations within hours of a big disaster, such as a terrorist attack or earthquake.
Core clearing and settlement organizations should plan to be up and running within two hours of a wide-scale disruption on a business day, according to a set of sound practices put out Tuesday by the Federal Reserve, Securities and Exchange Commission and Office of the Comptroller of the Currency.
Other firms that play "critical roles" in financial markets should try to resume operations within four hours. Some firms, such as major participants in the wholesale-payments market, should consider whether they need to aim for a two-hour target.
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