The U.S. securities industry carried out a successful business continuity test over the weekend, the U.S. Securities Industry and Financial Markets Association (SIFMA) reports.
The industry trade group said that an industry-wide stress test of firms’ disaster preparation and recovery plans was performed on Oct. 25. It involved more than 90 participants, including investment firms, equities and options exchanges, fixed income markets, market data providers, clearing agencies and payment platforms, among others.
“Securities firms and market infrastructure providers and key third parties tested their business continuity and disaster recovery plans by exercising and verifying their ability to operate using backup sites, recovery facilities and backup communication capabilities,” said Charles DeSimone, managing director, technology and operations at SIFMA, in a release.
The testing included simulated trading, and post-trade activity, including simulated clearing and regulatory reporting.
“SIFMA and its members remain focused on operational resilience to protect clients, data, networks and operations from diverse cyber threats including theft, disruption and destruction,” DeSimone added.
“The successful test outcome underscores the ability of the securities industry to operate through adverse conditions,” he added.