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Wednesday, 21 August 2013 16:59

Gimme shelter: Wall Street braces for next superstorm

IDG News Service - Heading into the heart of hurricane season 10 months after Sandy slammed the New York metropolitan area, Wall Street has had time to reassess and revamp backup plans.

Sandy's storm surge caused the first weather-related, 48-hour closure of markets since the Great Blizzard of 1888.

"You could say Sandy forced the hand of the trading firms," said David Weiss, an analyst with the consulting firm Aite Group.

"A confluence of trends" that lend themselves to overall system resiliency was, however, already under way, Weiss added. The commoditization of server hardware suitable for trading and back-office systems, for example, has helped give rise to third-party data centers that can help financial-sector companies reduce risk.