The events of Sept. 11 disrupted operations of the only two clearing banks, JPMorgan Chase and Bank of New York, and jolted government and government officials to wonder what would happen in the event disaster strikes again. Soon, there will be no need to wonder no more. The New York Times reports that those events of five years ago have inspired what is known as NewBank, a "standby" financial institution that would carry on clearing duties in case regular service is rendered inoperable. While there is "very low likelihood" that such a breakdown would occur," especially since both banks now have back-up facilities outside New York, says Donald Layton, former vice chairman of JPMorgan and head of NewBank, it could be "highly disruptive" – especially if a shutdown occurred for other financial or legal reasons. The Times says NewBank exists "largely on paper," but can be up and running quick enough to maintain the stability of financial markets.