September 11 lessons: core firms need out-of-region back-up within a year


WASHINGTON -- US regulators said in late August they expect the US financial system’s core clearing and settlement firms to begin setting up out-of-region back-up resources within the next year in the light of lessons learned from the devastating September 11 attacks last year on New York’s financial district.

And the firms should aim to have their services up and running again on the same business day that a disaster occurs, said the regulators. But they noted that the emerging industry

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