FOA says world markets will ride out crisis
US SPECIAL – The Futures and Options Association (FOA) is seeking to reassure investors that the world’s markets and clearing and settlement systems have sufficient maturity and strength to deal with the aftermath of the US crisis.
Reacting to Tuesday’s terrorist attacks in New York, Roy Leighton, chairman of The Futures and Options Association, today declared that the US had been prudent to close its financial markets and exchanges .
However, he noted that maintaining public and investor confidence in the financial services industry was of prime importance.
“I have no doubt that the world’s markets and the associated systems for clearing and settling transactions have the maturity, depth and resilience to continue to meet the continuing needs of the trading and investing community.”
He added that the FOA was confident that its members had adequate and robust risk management and disaster recovery procedures in place to mitigate the risk to markets and investors and service the continuing needs of their customers.
“There is no doubt that the US exchanges and markets will reopen as quickly as possible and this is a great tribute to those people who have worked hard this week in extremely difficult circumstances – and against the tragic background of not knowing what has happened to many of their New York friends and colleagues,” said Leighton.