New York Mercantile Exchange prepares remote continuity of operations site
| 09.27.2007 | 08:02:14 | Views: 3300 | ID:
September 27 '07: Similar to the Wall Street West project in Pennsylvania, the New York Mercantile Exchange is working to ensure that its operations are safe in the event of a large-scale tragedy such as the attacks on 9/11, Newsday reported. At an undisclosed location in Nassau County Mercantile officials have set up remote-location base of operations with separate electricity, water and database systems.
In 2001 during the attacks on September 11, the Mercantile Exchange's trading floor and operations were shut down for four days. The loss of revenue was in the millions and officials looked for ways to mitigate any future dangers. The new 46,000 square-foot backup location is the result."Organizations like the Mercantile Exchange learned ... the hard way. After 9/11, its headquarters in Battery Park City were closed for an unprecedented four days, while its backup site, directly across from the World Trade Center, was rendered inoperable. Besides the cost of physical recovery, the exchange incurred millions in lost business," Newsday reported. Officials working with and in the Exchange said it was important that operations continue because of the financial support the Exchange provides for the greater economic infrastructure. Furthermore, exercises like the three week pandemic flu simulation sponsored by the U.S. Treasury and U.S. financial institutions help to strengthen response and preparedness plans.
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