Business Continuity Tools
Since the terrorist attacks of 9/11, FIA has spearheaded an industrywide initiative to improve the resiliency of the derivatives industry's trading and clearing systems. Each fall FIA hosts a systems testing exercise on a Saturday that brings together exchanges, clearing houses, clearing firms, executing brokers, and technology vendors. This exercise allows all the key participants in market infrastructure to test their back-up systems while markets are closed and detect any errors or connectivity problems. In addition each year FIA hosts a post-event discussion to analyze the results and share ideas for improving disaster recovery and business continuity procedures.
More recently, FIA has begun working with member firms and market regulators to improve the industry's defenses against cyber attacks. FIA has hosted informational meetings with representatives of the Federal Bureau of Investigation and other law enforcement authorities and has provided a forum for member firms to share their experiences with cyber attacks with market regulators and law-enforcement authorities on a confidential basis. FIA also provides to its website a number of resources to help firms improve their protections.
FIA also serves as the industry's main point of contact for industry-wide operational issues that threaten to disrupt market functions. For example, in 2015 FIA's Market Technology Division helped market participants prepare for the leap second event that took place on June 30, which threatened to disrupt automated trading systems. FIA collected information from numerous exchanges around the world, shared the information with member firms, and published recommendations for firms to use ahead of the event.