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Global Disasters Paul Pickup Trading Technology

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1 Global Disasters Paul Pickup Trading Technology

2 © Catalyst Development Ltd 2002 Trading Technology Specialists in Exchanges and CSDs Consultancy, not development  People are the challenge, not the technology! Business analysis Program and Project Management IT Marketing and Research BCR planning Risk reviews Training Cross-market linkage expertise Europe, Far East, US

3 © Catalyst Development Ltd 2002 AGENDA In perspective – are we really in turbulent times? Prevention or cure? Lessons learned- technology to the rescue? Sober planning Summary

4 © Catalyst Development Ltd 2002 In perspective Are we living in turbulent times? Globalisation 1913 and all that Global markets are a result of world peace, and a congruence of economic conformity Consequence of no wars (or even cold wars) is terrorism Hot-blooded young people? Financial services as a target Celebrate what we have!

5 © Catalyst Development Ltd 2002 Prevention or cure? Both, but bear in mind all the risks…  People  Process  Technology Prevention – resiliency Cure – recoverability “Acceptable outage”?  Hot  Warm  Cold Having a recovery plan  Own sites  Friendly institution  Rival? But tried and tested!

6 © Catalyst Development Ltd 2002 Techniques for BCR Published Research into Stock Exchange Technology from Trading Technology through FOW Catalogues all the technology used by exchanges, clearing houses and CSDs throughout the world Details some of the BCR/DR techniques that are used by all the exchanges

7 © Catalyst Development Ltd 2002 Techniques for BCR Lessons from 9-11 Exchanges hit?  NYSE  AMEX Communications were  X25 – TCP-IP initiatives  Fail-over Optical fibre networks Senate mandate NYSE- NASDAQ Effect on brokers  Dual offices  Movement away from Manhattan

8 © Catalyst Development Ltd 2002 Techniques for BCR Blackouts  In US – test case for post 9-11  Passed with flying colours  But no brokers = no market!  General infrastructure failure = no people Importance of UPS + dual power sources Ideally dual sites

9 © Catalyst Development Ltd 2002 Techniques for BCR System failures Resiliency Dual everything! Fail over components Well publicised outages  LIFFE  LSE – SETS  Xetra  HKEx Networks - Triangle Database replication Testing!

10 © Catalyst Development Ltd 2002 Techniques for BCR People risk Strikes Key people Work locations – dual sites SARS  Risk to people – quarantine whole teams  HKEx dual staff rostered A and B teams

11 © Catalyst Development Ltd 2002 Keeping sober! Balanced approach  Is there really a need for sub- second hot standby? Regarded as insurance = budget  How much would you pay for something that is hopefully never used? In-built to IT architecture  Data migration  Message duplication  Information siphoning  Use of development or testing equipment Plan!  People  Process  Technology

12 © Catalyst Development Ltd 2002 Summary and Questions Terrorism is a consequence of peace! Focus should be on prevention and cure Learn from examples But also think about all possible risks  Use consultants? But don’t go mad – keep things in balance BCR need not cost a fortune but simply requires good planning.

13 Global Disasters Paul Pickup Trading Technology

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