Regulators require firms to set strategies for systems resiliency. Brokerages and other financial services firms are facing increased pressure from the federal government and regulators within the industry itself to clearly define and test their IT disaster recovery plans. Wall Street firms are also being being pushed to consider moving their backup data centers farther away from their primary computing facilities, according to IT managers. Steve Randich, CIO at Nasdaq Stock Market Inc. in New York, last week said that a combination of “peer pressure and regulatory pressure” is prodding companies to ensure that their systems will keep running if a disaster occurs. For example, the U.S. Securities and Exchange Commission last month approved rules proposed by the National Association of Securities Dealers Inc. and New York Stock Exchange Inc. that require firms to submit business continuity plans detailing how they will provide ongoing access to systems during an emergency. The plans are due by Aug. 5 for NYSE members. The NASD set deadlines of Aug. 11 for firms that clear stock trades and Sept. 10 for brokerages that initiate transactions. Full Story
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