Banks: we need clearer contingency standards


MASSACHUSETTS -- Wholesale clearing banks and other financial institutions are reluctant to develop new continuity plans until clear contingency standards are issued by regulators, according to a new report, Emerging Factors in Wholesale Payments System Resiliency in the US, issued by Massachusetts-based consulting firm TowerGroup.

The report notes that while individual firms are still developing their own contingency plans according to their business and financial abilities, regulators have

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