| Wall Street plans disaster drill Oct. 14, simulating trade shut down
INVESTOR'S BUSINESS DAILY | October 11, 2006
BY BRIAN DEAGON
Financial industries plan a major disaster preparedness test Oct. 14. It'll involve transactions for equities, options, futures, fixed income and settlement.
Last year's test showed systems "performed exceptionally well," said the Securities Industry Association.
Some critics say not enough is being done.
"It's disappointing to see the government has not taken more of a lead role," said Pat Gambaro, executive vice president of operations at the New York Board of Trade, a major commodities exchange. "No one is really pushing the issue."
Gambaro said there have been plenty of disaster planning recommendations, but few mandates.
"There's been a lot of talk among groups, and we belong to a number of them, but I don't have control over what utilities and government agencies do to make sure they are running," Gambaro said.
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