We have known for some time that our progress in automating the financial markets has made us highly dependent on telecommunications. In our own discussions within the Federal Reserve and our discussions with others, the issue of telecommunications circuit diversity is very important.
I encourage firms to take this issue seriously and to discuss it with individual telecommunications providers, industry groups, and appropriate government officials. BIS Review 56/2002  3  Conclusion In taking the next steps to strengthen the foundations of our critical financial markets, we need to constantly remember how dependent we are on one another.