The desk-based exercise was organised by the financial stability teams at the Tripartite Authorities (HM Treasury, the Bank of England and the Financial Services Authority) who would have responsibility for overseeing and co-ordinating the markets response to such an incident. More than 1,000 people, from the Tripartite Authorities and some 80organisationsacross the UK took part, many holding their own internal business continuity exercises to run alongside the main event. The exercise was also attended by representatives from overseas regulators.
The test, which was designed to be as realisticas possible, involved a scenario of widespread disruption in London and other financial centres, and included simulated news broadcasts, interviews and market and currency movements.
KPMG will report early in 2006 onthe effectiveness of the sector's business continuity preparations and the Authorities' contribution. A report on the findings together with any recommendations for improvements will be published.
The scenario was designed by Crisis Solutions Limited, KPMG and the Tripartitewith the assistance of organisations such as the Metropolitan and City of London Police, City of London Corporation, Canary Wharf Management and the London Resilience Team.
