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“An important aspect of ensuring sector resilience involves thinking through how emergency situations can be addressed, so that as much planning as possible can be done in advance,” said Donald F. Donahue, Sector Coordinator and Chairman of the FSSCC. “The NYBOT, in particular, brings great experience in planning and practicing actions needed in emergency situations, and the sector members and I welcome the opportunity to learn from the best practices of this new member.”
The NYBOT lost its trading facility at 4 World Trade Center (WTC) in the September 11th terrorist attacks. However, the Exchange established an emergency backup facility in Queens, New York, after the 1993 bombing of the WTC, which allowed it to resume trading on September 17th, 2001. The NYBOT successfully operated out of its back-up facility for nearly two years before moving back downtown to its new headquarters in the World Financial Center in September 2003.
“We’ve learned that all the preparation that goes into that once-in-a-lifetime disaster makes coping with normal problems — fire, flood, severe weather, strikes or sustained power outages — that much more effective,” said Steve Bass, Chief Information Officer at NYBOT. “The NYBOT has been at the forefront of business continuity, and we’re pleased to be working with the FSSCC to further coordinate industry-wide disaster recovery plans.”
The New York Board of Trade (NYBOT) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice, pulp and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
