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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. 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. we will not accomplish our task if one or two organizations strengthen their resilience and others do not. instead, we need to work hard to adopt consistent strategies to meet regional risks that together address prevention, management, and testing. the importance of creating and maintaining a highly resilient financial services sector is self - evident. similarly, the challenges to achieving that goal are numerous, involving, as i indicated, people, business, and technology. given the importance and complexity of this topic, senior management will need to become fully engaged. at the international level, the openness of our financial systems means that the business - continuity practices in one country can affect critical markets in another. we will therefore need to share information and sound practices that will help us address regional risks in various countries. at this stage, this does not necessarily mean traditional regulatory coordination. rather, private firms and the financial authorities will need to work together within their various communities and with each other to make our key business - continuity practices more robust and more consistent. we also need to recognize that new business - continuity strategies need to be practical. we are looking forward to receiving the views of market participants and other knowledgeable experts to help ensure that the final white paper ultimately sets out sound practices that are well grounded and practical. as we work through these new challenges, however, we must keep in mind that to do nothing would leave serious risks unaddressed. i would like to close by noting the importance of our financial centers. these cities are a source of work, play, and inspiration for millions of people. these cities need to be vibrant and resilient, even as new challenges arise for security and stability. our financial policies to address new regional challenges should be designed to strengthen the resilience of these great centers and their people, not to abandon them. the regional diversification of back offices and operational sites is intended as a prudent strategy that will enable financial centers and their markets to continue to serve as robust sources of economic progress.