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The Securities Industry Association, part of the wider SIFMA organization, will not coordinate an industry-wide business continuity test in 2007, despite annual events in 2005 and 2006. The next industry-wide connectivity test will be scheduled for late spring 2008 and will feature an expanded scope to more thoroughly test the complete trade cycle.
However individual, annual connectivity/processing tests required by various industry organizations will continue in 2007. Organizations requiring firms to test individually include, DTCC, NASDAQ, SIAC, Fedwire, CHIPS, BONY, JPMC and others.
SIA is planning two smaller industry testing events during 2007. These are:
Pandemic Planning Tabletop Exercise
This will be a multi-week tabletop-style exercise held during September-October 2007 involving the US securities industry as well as banking and other financial services industries and regulatory organizations. The objective is to highlight issues and potential solutions to the challenges presented by a pandemic. The exercise will be lead by SIFMA and the Financial Services Sector Coordinating Council (FSSCC), which is representing the broader financial services sector. Participants will take part in the exercise remotely via the Internet and e-mail. The exercise will simulate the spread of a pandemic in real time. Over a period of weeks, participants will be presented with a series of situational adjustments to the exercise scenario and asked to evaluate how their organization would respond to a real event.
Industry-Wide Test of Securities Industry Emergency Alerts Systems and Emergency Conference Call Matrix
This test will be similar in format to the 2005 call matrix test that was conducted in conjunction with the national TopOff3 exercise. The 2007 test will be a half-day exercise involving transmission of alerts to industry participants and activation of all emergency conference call streams included in the Financial Services Industry Emergency Call Matrix. The exercise may be initiated on-the-fly with participants advised ahead of time only that the test will be conducted sometime within a multi-week window.
For additional information about the above contact Howard Sprow
Asst. Vice President and Director, Business Continuity Planning
Securities Industry Association.
•Date: 27th Feb 2007 • Region: US •Type: Article •Topic: Financial sector BC
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