How paperless office solutions can help Wall Street

After Hurricane Sandy impacted many states along the Atlantic Coast, especially parts of New Jersey and New York, businesses had to delay many of their operations. Flooded buildings and damaged records made it difficult for business owners to bounce back to normal operations.

Wall Street in downtown Manhattan found itself in the position to halt operations for two days—it was the first time NASDAQ and New York Stock Exchange (NYSE) closed its doors since the Great Blizzard in 1888, ComputerWorld explained. Though many trading centers had business process software capabilities from offsite data centers in parts of New Jersey—NASDAQ's backup center is in Virginia, officials decided not to complicate the commute for many of these traders.

Also, if Wall Street's all-electronic trading system had glitches, unfavorable work conditions could have caused "a disorderly closure," Alex Tabb, partner and chief technology analyst at Tabb Group, told the source.

Since Hurricane Sandy, these businesses have installed backup power grids and generators, to ensure that the system could be powered up and actively utilized during a major natural disaster. This measure should increase certainty, but David Weiss, an analyst with the Aite Group, mentioned that "It doesn't do much good to have data centers up and running if no one else can get to them."

Additional staff members and document hosting providers can further assist these companies to continue their daily routines during the most crucial situations. During the storm, many buildings within the Financial District were hit because this part of Manhattan is located near the Hudson River.

Offices inside 111 Wall Street, which were flooded, and a Verizon switch station, which lost power, were among the many structures dealing with the cleanup process.


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