Before the euro's launch in January 1999, the Bank of England issued a 110-page plan — everything from settlement timetables to roadworks on the big day — to ensure a smooth introduction of the common currency in the world's largest financial center.
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The plan was among quarterly reports, complete with euro-themed cartoons by the BoE's resident artist, issued by the bank from 1996 to 2002 to iron out bumps as euro zone members abandoned their old currencies.
Britain stayed out.
Fast forward to 2012 and banks and brokerages in London are quietly preparing for a more unpredictable but potentially more destabilizing event — thepossible break-up of the euro [EUR=X 1.2705 
-0.0081 (-0.63%) 
].
This time they do not have the luxury of such detailed and leisurely preparations as they seek to minimize the volatility and disruption to their business that could follow if a country left the euro zone or the whole bloc broke up.
Such moves would not only trigger deep economic and credit risks, the unprepared could face the nightmare of having to quote and trade euro-replacement currencies in the $4 trillion a day FX market.
Many of the industry's big FX banks, clearing houses and trading platforms say they are looking at ways to ensure their systems can quickly deal with any change in the composition in the euro, the world's most traded currency after the dollar.
Some institutions say they have been preparing for a possible break-up since mid-2010, when Greek default fears flared. Read more
