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Booklet:
Wholesale
Payment Systems Section: Appendix F: Payment System Resiliency Subsection:: |
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The
“Interagency Paper on Sound Practices to Strengthen the Resilience
of the U.S. Financial System” identifies sound practices focusing
on minimizing the immediate systemic effects of a wide-scale disruption
to critical financial markets. The sound practices focus on the appropriate
back-up capacities necessary for recovery and resumption of clearance
and settlement activities for material open transactions in wholesale
financial markets.
The agencies, in promoting resiliency, have identified four broad sound
practices for core clearing and settlement organizations and firms that
play significant roles in critical financial markets. The practices involve:
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Identifying clearing and settlement activities in support of critical financial markets. |
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Determining appropriate recovery and resumption objectives for clearing and settlement activities in support of critical markets. |
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Maintaining sufficient geographically dispersed resources to meet recovery and resumption objectives. |
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Routinely using or testing recovery and resumption arrangements. |
The sound practices
discussed in this paper supplement the agencies’ respective policies
and other guidance on business continuity planning.
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