City to test anti-terror defencesBBC News | October 11, 2005 City regulators are preparing to test how London's financial community would cope with a major disaster such as an attack by extremists. Banks including Merrill Lynch and Credit Suisse First Boston will be among 50 firms taking part in the virtual exercise, on 28 November. It comes in the wake of the July bomb attacks on London's transport system. The exercise is being organised by the Financial Services Authority (FSA), the Bank of England and the Treasury. Widespread disruption Officials said the simulation, the second such exercise set up by City authorities, was part of attempts to prepare London's financial district for disasters including bombings or a major flood.
Trillions of dollars worth of stocks, currencies, bonds and commodities are traded on London's financial markets every day. "It's a virtual exercise designed to test how effectively we would all communicate with each other and how decisions would be taken," said FSA spokesman Rob McIvor. "There has always been business continuity planning. We are taking it up a notch this year." London's financial markets remained open despite the disruption caused by July's bomb attacks on the city's Tube and bus system during the morning rush hour. The 7 July attacks claimed more than 50 lives and brought much of central London to a standstill. A secret internet chatroom - set up after the 11 September 2001 attacks in the US - helped keep financial markets open in the wake of the bombings. Last modified October 11, 2005 |