A presentation by Mary Ann Gadziala, Associate Director of the U.S. Securities and Exchange Commission (SEC) in 2003 discussed business continuity issues arising from 9/11. In Disaster Recovery and Business Continuity Planning, she specifically noted an overriding requirement for financiaol institutions to resume vital clearing and settlement operations on the same day as a major incident, ideally within 2 hours. In practice, this implied highly resilient systems with some form of dual-live/multiply-redundant or hot standby arrangement, and significant investment in IT by the entire [US] financial services industry by April this year. The risk of systematic failure of the banking system shines out from the page.
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