Staff in Britain’s Financial Services Authority (FSA), the financial watchdog body, has set up a "nerve centre" a short distance from its Canary Wharf headquarters to manage financial institutions in the even of a September 11th-style attack.
The FSA hopes its back-up site - at a secret location - would help it maintain contact with 35 major institutions which are crucial to keeping international and domestic markets open.
The centre, with its own IT system and satellite links, is to be staffed by 25 people initially, with space for 300 more if required.
As staff simulated disaster scenarios in the presence of the press yesterday one of the FSA's managing directors, Mr Michael Foot, said it could be "up and running here in an hour if we need to be".
He declined to discuss the precise nature of scenarios which were being prepared for but said: "The people here can talk to their contacts at the major institutions so we can advise them what is happening with trading at the Stock Exchange and so on. We will have a lawyer here which is essential where money transactions are concerned.
"It's crucial to keep the infrastructure going to minimise any disruption. Payment and settlement systems are very interconnected. It could damage London's reputation as a finance centre if we are not able to keep it all up and running through an emergency."
The disaster recovery readiness of the 35 key firms is "pretty good", he said, but the ‘rreadiness’ of the smaller financial services firms still had a long way to go.
The major banks have had back-up sites for some time to enable them to deal with problems such as a fire or flood.
PA