Via Drudge

Thursday September 27 2:05 AM ET

NYSE, Nasdaq to Develop Disaster Plan-WSJ NEW YORK (Reuters) - In the aftermath of the Sept. 11 air attacks, the New York Stock Exchange and the Nasdaq Stock Market have held high-level talks to develop a disaster plan in the event that one of the markets gets knocked out of business, the Wall Street Journal said in its online edition on Thursday.

The discussions, which have taken place within the last week, are aimed at sorting out how the NYSE and Nasdaq could trade the other's securities in case of a future emergency, according to two people familiar with the talks, the report said. The goal has been to pen a memorandum of understanding that would spell out precisely how that would happen. No document has yet been made final, these people say.

The markets stayed closed for four business days after the attacks on Sept. 11.

NYSE Chairman Richard Grasso said the Big Board is working on a plan to create such a floor away from the NYSE's existing site -- a $150 million project that he says could take more than a month to complete, the article said.

Nasdaq, an electronic trading exchange, has long touted that its Connecticut-based technology hub, one of the largest real-time trading networks in the world, is fully replicated at a second site in Maryland, the newspaper said.

-- Anonymous, September 27, 2001