Banks Ratchet Up Coronavirus Contingency Planning
March 03 2020 - 11:27AM
Dow Jones News
By Julia-Ambra Verlaine
Banks are ratcheting up contingency plans in case they have to
shut down trading floors to prevent the coronavirus from rapidly
spreading among employees. UBS is preparing remote systems to book
trades over the coming days and senior managing directors have been
asked to send home employees who seem sick, despite volatile and
active markets.
The Swiss bank has created a dedicated team in charge of the
back-up plans, which includes disbanding the global markets trading
floor into groups that would work at a location in Stamford, Conn.,
remotely, or in New York headquarters.
Employees on trading floors at J.P. Morgan and UBS are
pre-emptively requesting to work from home as U.S. coronavirus
infections rise--leaving managers in a difficult position.
Some traders question the viability of working remotely given
regulations prohibit transacting outside supervised offices, where
phone lines are recorded. They also doubt whether laptops could
handle systems that usually run on eight screens or more.
Write to Julia-Ambra Verlaine at julia.verlaine@wsj.com
(END) Dow Jones Newswires
March 03, 2020 11:12 ET (16:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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