The latest business continuity news from around the world

FIA, the global trade organization for the futures, options and centrally cleared derivatives markets, has released survey results that provide a high level snapshot into clearing brokers’ progress with their Brexit contingency plans , the issues they face when structuring and executing such plans, and the policy proposals that would help address these issues.

A primary concern expressed by a number of EU27 clearing firms is that they may be forced to close some or all of their client clearing business if UK CCPs are not recognised under EMIR and/or fail to retain their QCCP status under the EU’s Capital Requirements Regulation.

According to the survey all firms surveyed say that business continuity is the most important issue they face. Business continuity requires maintaining full access to clients and financial market infrastructure in both the UK and EU27.

Most firms have a defined ‘worst case scenario’ in their contingency plans. Three firms have already started implementing their worst case scenario plans and another will commence in June 2018. The vast majority of firms are still determining the deadline date, with target dates ranging from end of summer to Q3 2018. Others are awaiting further confirmation from within their firms.

Read the survey report.

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Business continuity?

Business continuity can be defined as 'the processes, procedures, decisions and activities to ensure that an organization can continue to function through an operational interruption'. Read more about the basics of business continuity here.

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