Working in company teams manned by technology, compliance and operations officers, the companies participated in a four-hour tabletop exercise. As the events of the scenario, escalated, the firms evaluated business continuity plans to check the level of preparedness.

Noting that this effort was just a start, Joseph Sack, executive vice president of Securities Industry Association tells GlobeSt.com that it highlighted both the need for increased communication within the industry and the necessity of having fully functional back offices. "The technology is such that many firms can instantly switch to back up," he says, adding that the securities firms have invested heavily in preparedness initiatives.

SIA EVP Donald Kittell points out that the exercise underscored the value of "a broad, strong partnership involving broker-dealers, markets, utilities, regulators and other government agencies."