SIA publishes updated information on ‘Unexpected Market Close’ procedures and implications

The Securities Industry Association has published a paper that explores the business continuity aspects of an incident occurring which results in an unexpected closure of stock exchanges.

SIA asked its Data Management Division to provide information on the operational and systems implications of unexpected market closes. To that end, the DMD formed an ad hoc working group, which consists of representatives of the New York Stock Exchange, NASDAQ Stock Market, American Stock Exchange, Depository Trust & Clearing Corporation, Securities Industry Automation Corporation, Options Clearing Corporation, the New York Federal Reserve, and SIA member-firms, in consultation with the remaining regional and option exchanges.

The ‘Unexpected Market Close’ paper is the second output from the group, the first being a draft plan to address an interruption in daily processing due to unscheduled closings or a protracted system failure.

•Date: 14th April 2004 •Region: N.America •Type: Article •Topic: Financial sector
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