Communications
Business Continuity Planning
October 15 Business Continuity Test with Buyside Participation
On October 15, 2005, The Bond Market Association will conduct a business continuity test within the fixed income markets which is designed to test connectivity between and among backup facilities. This test will verify that firms, markets, utilities, ATSs, electronic brokers and clearing banks are able to operate and communicate through an emergency using backup sites, recovery facilities and backup communications. The Securities Industry Association, the Futures Industry Association, DTCC, SIAC and other organizations have coordinated their efforts on this industry-wide test with The Bond Market Association. This "Phase 2" test will supplement "Phase 1" connectivity tests that have been conducted over the two past years as part of an ongoing industry testing initiative. The October 15 test will include components for equities, fixed income, options, futures and settlement.
In order for this test to be "industry-wide", buyside participation is critical. Asset management firms that trade through ATSs such as Bloomberg, BondDesk, MarketAxess, The MuniCenter, Thomson TradeWeb or interdealer brokers such as ICAP or eSpeed or others are encouraged to participate in the test on Saturday, October 15. Please contact Joseph Sack of The Bond Market Association for more information or to volunteer.
For the fixed income segment, the test will include Municipals, Corporates, Treasuries/Agencies and Mortgages. Participating firms will be composed of a team of diverse backgrounds including operations, compliance, IT and BCP professionals.
Business Continuity Planning Internet Videos
August 10, 2004Business Continuity Planning Video Highlight
Click on above title to view video
At The Bond Market Association's Educational Event on BCP, Donald F. Donahue, COO of DTCC and Chair of FSSCC, spoke to over 120 industry members and regulators on national security relating to the critical infrastructure for the financial services industry. In his address, Mr. Donahue cites Homeland Security Presidential Elective No. 7 as a summary of actions that the nation is undertaking in addressing Homeland Security issues.
Mr. Donahue spoke on the importance of three organizations: The Financial and Banking Information Infrastructure Committee (FBIIC) and The Financial Services Sector Coordinating Council (FSSCC). Together, these groups comprise public and private sector securities professionals who focus on initiatives that are designed to help protect the critical infrastructure for the financial markets. As a member of FSSCC, The Bond Market Association is involved in educating the industry on the importance of BCP, especially as it relates to the fixed income markets.
Also, in reference to protecting critical infrastructure, Mr. Donahue addressed the relevance of the Financial Services Information Sharing and Analysis Center (FS/ISAC), an organization that is charged with the responsibility of disseminating information that is intended to increase sector-wide knowledge about physical and cyber security operating risks faced by the Financial Services Sector.
April 21, 2004Professional Advice Concerning BCP
Morgan Stanley's Gregory Ferris is interviewed by TBMA Executive Vice President Joseph Sack on what businesses should know about BCP and the importance of streamlining the BCP process. In designing a comprehensive Business Continuity Plan, firms must focus on identifying critical business needs and ensuring that the solutions that are being built incorporate those business needs. BCP must also take into account the physical and emotional needs of people. This was a major lesson learned from 9/11.
Click here to view the video interview with Gregory Ferris
Roseann McSorley of Deutsche Bank Securities is interviewed on the importance of BCP and offers tips for creating a comprehensive contingency plan.
The primary goal of Business Continuity Planning is to ensure life safety in the case of a significant disruptive event. A Business Continuity Plan requires, at the very least, good management sponsorship and frequent testing. Everyone at a firm must be aware of their firm's Business Continuity Plan in order for the plan to be effective. Senior management professionals must support BCP initiatives and review and update contingency plans as necessary. Furthermore, BCP requires frequent testing. A firm's staff must be well-versed in the policies and procedures following the enactment of a Business Continuity Plan.
Click here to view the video interview with Roseann McSorley