LONDON, Sept 9 (Reuters) - Platforms used by markets to
complete stock and bond trades stood up well to bouts of extreme
market volatility in March when the economy entered lockdown to
fight the pandemic, a Bank of England policymaker said on
Wednesday.
BoE Financial Policy Committee (FPC) member Elisabeth
Stheeman said efforts to increase how much capital banks hold
since the last financial crisis also paid off to bolster
resilience to shocks.
"The Covid shock has been a test of this resilience, one
that the financial plumbing has so far passed," Stheeman said in
a speech.
"But there is no room for complacency: firms had time to
prepare for Covid, it evolved slowly at first, allowing them
time to adapt."
The FPC, which looks for broad risks to financial stability,
will continue to build up operational resilience of "market
plumbing" in the areas of cyber and payments, Stheeman said.
(Reporting by Huw Jones; Editing by Maiya Keidan)