The U.S. securities industry carried out a successful business continuity test on the weekend, which found that the industry’s major exchanges and infrastructure are capable of withstanding an operational crisis.
On Monday, the U.S. Securities Industry and Financial Markets Association (SIFMA) announced the results of a backup testing exercise, which sought to test the ability of firms to operate in a crisis with backup systems, recovery sites and communications plans.
“SIFMA and its members make operational resilience a priority in order to protect clients, data, networks and operations from diverse cyber threats including theft, disruption and destruction,” said Charles DeSimone, managing director and deputy head of technology, operations, and BCP, with SIFMA, in a statement.
More than 90 entities across equity, bond and derivatives markets were tested on their ability to handle transactions, settlement payments and market data, across the major asset classes, in emergency conditions.
The test was supported by “all major exchanges, markets and industry utilities,” DeSimone said.
“The successful test results underscore the ability of the securities industry to operate through a significant emergency using backup sites, recovery facilities and backup communications capabilities across the industry,” he added.