There are exceptions, of course, such as Indonesia, whose stock market soared until earlier this year. But in aggregate, EME stock prices remain below their pre-crisis peak, whereas the S&P 500 is well above its own pre-crisis peak. Chart 6 portrays the rise in credit to the domestic nonfinancial private sector as a share of GDP from its pre-crisis level.
The Federal Reserve Bank of New York’s Payment Risk Committee, the Securities Industry Association, and the Banking Industry Technology Secretariat are working together to address testing and similar issues. As I have said before, this spirit of cooperation in addressing critical, cross-industry problems of business continuity and testing is welcome.