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Rob Daly
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OPINION: HFTs Not to Blame for 'Flash Crashes'?

Is it unfair to lay the blame of the worst market-structure characteristic at the feet of high-frequency traders?

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March 1, 2003

Another Disaster?

By Gregory Bresiger

Wall Street needs to take more steps to improve its business continuity planning. That was what a Congressional investigating agency recently reported. It has examined the emergency planning of some 15 organizations, including several exchanges.

"Our review indicated that most of the 15 organizations faced greater risk of operations disruptions because their business continuity plans did not adequately address how they would recover if large portions of their critical staff were incapacitated," according to Davi M. D'Agostino, the GAO's director of financial markets and community investment.