UK markets watchdog sets out operational rules for coronavirus outbreak

Britain's market regulator said it was reviewing how a wide range of companies can continue to operate during a coronavirus outbreak in the country.

"This includes assessments of operational risks, the ability of firms to continue to operate effectively and the steps firms are taking to serve and support their customers," the Financial Conduct Authority said on Wednesday. Banks and trading firms face the prospect of staff having to work from home or from alternative sites to minimize the risk of infection, raising questions regarding compliance with rules.

The FCA said it expects firms to take all reasonable steps to still meet their regulatory obligations during an outbreak when it comes to trading securities and other activities. "For example, we would expect firms to be able to enter orders and transactions promptly into the relevant systems, use recorded lines when trading and give staff access to the compliance support they need," the FCA said in a statement.

"If firms are able to meet these standards and undertake these activities from backup sites or with staff working from home, we have no objection to this."