How to Keep Wall Street Healthy

Investors have gained a few gray hairs recently worrying about threats to Wall Street's well-being like credit markets in turmoil, mass foreclosures, runs on banks. But one you're not likely to have thought a lot about is the possible cost of a pandemic flu outbreak.

The U.S. Treasury Department and Securities Industry and Financial Markets Association urge you not to be so cavalier.

Officials are currently taking measures to protect the financial services industry from the potentially devastating effects of a highly contagious influenza virus spreading rapidly through a population.

An industry-wide financial sector "Pandemic Flu Exercise," implemented by the Financial Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council began on September 24th and ended today. Nearly 3,000 organizations across the financial services sector registered to participate.

The "exercise" appears to be a workshop helping organizations understand the systematic risks associated with pandemic flu, and enhancing their preparedness for combating it (organizers could not immediately be reached for clarification). Each participating organization submits a "readiness plan," which is then analyzed and critiqued by the experts.

The desired outcome of the exercise is for companies spanning all aspects of the financial services sector to develop a crack plan for dealing with said pandemic flu threat.

The Securities Industry and Financial Markets Association will holding a press conference to discuss the outcome on October 24.

Next up: Containing some of the financial contagions plaguing the Street.

by Liz Gunnison