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SIFMA has issued a statement from Tom Price, managing director and head of technology, operations and business continuity for SIFMA, concerning SIFMA’s October 15, 2022 industry-wide business continuity test.

Tom Price says:

“SIFMA’s robust industry-wide business continuity test 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. In parallel, Regulation SCI entities completed their testing requirements with the industry; Regulation SCI requires that each SCI entity designate members and participants to take part in an annual business continuity and disaster recovery plan test. SIFMA facilitates a coordinated testing program for the industry as part of our business continuity planning and disaster recovery work.

“The objective of the 2022 SIFMA Industry test was for securities firms and market infrastructure providers and key third parties to test their business continuity and disaster recovery (BC/DR) plans and to exercise and verify their ability to operate through a business continuity and/or disaster recovery event using backup sites, recovery facilities and backup communication capabilities. Over 90 entities were available for testing, including equities and options exchanges, fixed income markets, market data providers, clearing agencies, payments platforms, and services bureaus, as well as a simulated Treasury auction. Reg SCI testing  included simulated trading days for all Reg SCI exchanges and ATSs, along with simulated post-trade activity for clearing utilities, as well as simulated regulatory trade reporting. The successful test underscores the ability of the securities industry to operate through adverse conditions. SIFMA and its members remain diligent and focused on cybersecurity efforts to protect clients, data, networks and operations from diverse cyber threats including theft, disruption and destruction.”

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