The New York Stock Exchange and the Wall Street investment banks
will switch on their computer systems on 15 September in
preparation for the market opening on 17 September.
Experts see the test - similar to Y2K-related initiatives in 1999 -
as being an essential part of preparing the financial markets for
an incident-free return to business.
Speaking to CNBC, Donald Marron, the chairman of UBS Warburg, said
that to ensure the markets would run on 17 September, "We will need
reliable power, communications, a [bank] clearing process and
liquidity".
The clean-up process has not yet begun as rescue workers sift
through the devastation in search of survivors, and questions also
hang over the structural integrity of buildings surrounding the
World Trade Centre. "We have to get our backup [IT systems working]
without hampering the human element," said Marron.
"The markets must recommence in a complete fashion. We need to be
sure all our systems work. That is why these trials over the
weekend are so important."
He said that investment firms will need to test all their systems
to make sure they can cope with the increased volume of trading
which is expected.
While earlier reports described the targets of the US attack in New
York, Washington and Pittsburgh as symbolic, experts are now
talking of a real threat to the world economy. To maintain market
liquidity, the US Federal Reserve is providing an extra $100bn
(£68bn) of funding.
Preston Martin, the former Federal Reserve Board vice-chairman,
said that by using sophisticated back-up and contingency, the banks
that comprise the US Federal Reserve would remain operational in
the event of a direct attack.
However, with all this preparation, there are still many physical
obstacles standing in the way of the NYSE and other New York
markets opening on 17 September. Most of the main routes into
financial district are still blocked.