On April 4th 2017, Nasdaq Nordic will arrange a business continuity exercise regarding a selected scenario in the Nasdaq Nordic Business Continuity Plan (BCP) for competitive clearing. The exercise is part of the Nasdaq Nordic’s BCP review process.
Purpose
The purpose of this exercise is to evaluate market readiness for an eventual situation in terms of:
- How to resume trading in the event that a major CCP ceases its services for cash equities,
- Understanding of what consequences this would entail for the Nasdaq Nordic markets,
- Participants will gain insight into how Nasdaq Nordic would act according to the current BCP.
The exercise should be seen as verification of the agreed procedures and strategies, and an opportunity to identify any weaknesses in the process, in order to improve the BCP going forward.
About the exercise
- The exercise will be held on Tuesday April 4th, 2017, from 10:00 to 13:00 CET
- The exercise will be held as a desktop exercise using a Webex conferencing tool to share scenario material and with dial-in line for participants to join the conference.
- The exercise will be carried out and documented in English.
About the scenario
- Nasdaq Nordic will present a scenario where a major CCP ceases its services and as a consequence Nasdaq Nordic initiates contingency measures.
- The scenario will focus on the decision making and communications between Nasdaq Nordic, its members and other stakeholders in order to resume trading effectively. The outcome can be either to continue trading with the remaining CCPs for the market, or to move the market to gross (bilateral) settlement.
Who should participate?
Nasdaq Nordic invites Nasdaq Nordic members to participate in the exercise. In case the Nasdaq Nordic member is planning to act differently in different Nasdaq Nordic markets in Denmark, Finland and Sweden, it is advised that representative from each location participates. The representatives should be able to take decisions both as Nasdaq Nordic member and for the member’s post trade arrangements.
The exercise is also open for other stakeholders. For example to service providers that Nasdaq Nordic may use for clearing and settlement arrangements.
Participant preparations for the exercise
Nasdaq Nordic has sent members a BCP questionnaire including general questions on the current recovery approach in BCP as well as questions specific to the individual member’s back-up arrangements. Responding to the BCP questionnaire prepares members for the actual exercise. Reminder: Please send your completed BCP questionnaire to operator@nasdaq.com no later than February 28, 2017
Contacts at Nasdaq Nordic
For technical questions, please contact Nasdaq Cash Equity Operations: Tel: +46 8 405 6410 E-mail: operator@nasdaq.com
For questions related BCP questionnaire or general questions related to CCPs at Nasdaq Nordic, please contact
Marja Hyttinen, marja.hyttinen@nasdaq.com, phone: +358 9 6166 7272.
For questions related to this business continuity exercise, please contact
Fredrik Maartmann, Enterprise Risk Manager, fredrik.maartmann@nasdaq.com, phone: +46 73 449 7377
Registration
Please let us know by March 3rd, 2017 who from your organization will be participating in the exercise, along with contact details; name telephone no. and email address.
Please register with: Trade and Technical Support, tel. + 46 8 405 6410 email: operator@nasdaq.com
You will be provided details of the Webex and dial-in after registration.
Best Regards, Fredrik Maartmann Enterprise Risk Manager Global Market Operations
Nasdaq Nordic
“Nasdaq Nordic” is not a legal entity but represents the common offering by Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, and Nasdaq Stockholm AB.
