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SIFMA releases initial details of 2012 US financial sector business continuity exercise

Since 2003, SIFMA has led an industry-wide financial sector business continuity exercise every October. This year’s event has been scheduled for October 27th.

Detailed information will be made available by SIFMA nearer the event, but the following overview has been given (verbatim):

Overview
This is a critical exercise that highlights our industry's ability to operate through a significant emergency using backup sites, recovery facilities and backup communications capabilities across the industry. SIFMA urges all firms to participate in this important event.

Test components
Industry-wide tests follow a consistent format whereby firms submit test orders and transactions from their backup sites to markets and utilities.

The test is supported by all major exchanges, markets and industry utilities. The exercise involves test transactions for equities, options, futures, fixed income, settlement, payments, Treasury auctions and market data. On the same day, the Futures Industry Association (FIA) leads the futures test component and Financial Information Forum (FIF) coordinates market data vendors and service bureaus.

SIFMA compiles and discloses aggregate test results (but not individual performance).

More information

•Date: 8th March 2012 • US •Type: Article • Topic: BC testing and exercising

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