RealNews

SEC: Stock markets must develop disaster plans

The Securities and Exchange Commission today urged trading markets, such as the New York Stock Exchange, and electronic trading systems to set up business continuity plans by no later than the end of next year. The directive is the latest in a series of SEC efforts to strengthen the U.S. financial infrastructure in the aftermath of the Sept. 11, 2001, terrorist attacks. Self-regulated organizations that operate trading markets, such as NYSE and Nasdaq, and the electronic communications networks, such as Island ECN Inc. of New York, will better assure their own resilience and that of the nation’s financial systems by establishing continuity plans, SEC deputy secretary Margaret McFarland said in the policy statement. “In so doing, they will be promoting one of the paramount objectives of the U.S. securities laws—the maintenance of fair, stable and orderly markets,” she said. Full Story

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