Question: In February 2003, the GAO published
a report entitled "Potential
Terrorist Attacks: More Actions Needed to Better Prepare Critical
Financial Markets." As the title implies, this report found
some deficiencies in the business continuity capabilities of some
key players in the financial markets, including stock exchanges,
clearing organizations, etc. The report recommended that the SEC
chairman take a number of actions to ensure that the financial
markets would be better able to withstand potential future attacks.
My question is, are the financial markets and stock exchanges any
better prepared today than they were in February? Is there any
evidence that the recommended improvement actions have been taken?
I'm only interested in items published or released since the
February 2003 GAO report.
Wendy Reynonds, librarian with the Ontario
Securities Commission: The securities regulators learned many lessons from Sept. 11, and have
begun to address issues of disaster preparedness. If you go to the SEC Web site, and search "business
continuity", you'll find a number of press releases, rule changes and position papers from various
branches of the SEC, as well as different self-regulatory organizations (SRO's) like the
NASD. I think you'll find that
some progress is being made.