Continuity plans pass outage test

Back-up power generators minimised disruption at banks in New York and Toronto, following the blackout that hit the northeastern US and southern Canada just after close of trading on Thursday (August 14).

David Schoenthal, head of FX at Bear Stearns in New York, said auxiliary power kicked in "almost simultaneously" at the bank's new building in Madison Avenue. "All electric systems were live -- there were no problems." Some 90% of staff were at the office the next day -- some, like Schoenth

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