DTCC calls for disaster planning dialogue

DTCC calls for disaster planning dialogue

The Depository Trust & Clearing Corporation (DTCC) is calling for a global dialogue on business continuity planning for market infrastructure organisations.

The move comes as the US clearer details the changes made to its systems since 9/11. These include a project with EMC described as a "technological breakthrough" in asynchronous data transmission and storage over long distances (more than 1000 miles) and wide decentralisation of both DTCC's operations and data centers.

Connections with market users have also been enhanced and registered with the US Department of Homeland Security for priority restoration. At the employee level, DTCC has introduced regular rotation of senior executives to locations outside New York City headquarters and establishment of crisis teams at the company's various locations.

Jill Considine, DTCC chairman and CEO says: "We believe it is important to share DTCC's experience and the practical knowledge it has gained from the past two years to encourage wider and more informed discussion and focus on business continuity planning throughout the industry."

According to the report, DTCC is planning a further dispersal of personnel outside the New York City region by 2005 in order to comply with the standards of an interagency task force report issued by the US Federal Reserve, Securities and Exchange Commission and other Federal regulators.

The clearer is also requiring most major customers of its depository subsidiary to test both their primary and backup sites with DTCC's various data centres once a year.

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