U.S. capital markets passed a set of business continuity program drills last month, then two days later endured a real-life test in the form of storm Sandy, officials of the Securities and Exchange Commission, the Commodity Futures Trading Commission, exchanges and market participants said.
The U.S. markets largely "passed" the Sandy test -- by closing for two days then reopening mostly smoothly -- but industry officials at a seminar last week said more steps to bolster resiliency could be in order. Among the suggestions were a market-wide "kill switch" to quickly shut down trading in the event of a catastrophe, and minimum standards for new software.
The seminar, hosted by the Investment Company Institute, was revamped due to the storm's disruptions and transformed from a long-scheduled conference in downtown Manhattan to a webinar.
In a move spurred by Wall Street's shutdown by the September 11, 2001 attacks, three members of the president's working group on financial markets
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