DTCC Extends the Business Continuity Umbrella to EuroCCP
DTCC’s European subsidiary, European Central Counterparty Limited (EuroCCP), is being fully integrated into DTCC’s business continuity infrastructure to ensure its customers share the same resiliency as customers of the U.S.-based subsidiaries. To deliver this critical function to the industry in Europe, DTCC is leveraging its existing network of dispersed data centers and facilities, which have state-of-the-art capabilities.
“EuroCCP’s ability to deliver trans-Atlantic redundancy from day one via an established, cutting-edge continuity program gives customers the safety and soundness that markets require today,” said Trevor Spanner, EuroCCP’s COO. “DTCC brings its expertise, technology and multiple operating facilities to this essential capability.”
Backed up on two continents
The EuroCCP systems for transaction processing operate on equipment located within the DTCC data centers, and would thus be covered under DTCC’s two-hour recovery window from any of these centers. “U.K. regulators have conducted a thorough review of our multiple-data-center infrastructure and how it functions,” said Spanner.
On the personnel front, EuroCCP is staffed for all key business activities from the London office and, if the need arises, these employees will work remotely to keep the business functioning.
If the London office were to become unavailable, EuroCCP’s management team would go to one of several alternate locations to conduct business. These sites are equipped to provide ongoing communications with DTCC’s U.S.-based management team, customers and regulators. All other EuroCCP employees will have remote access to the company’s phone, email, computer and other systems, which are backed up on DTCC’s systems in North America.
People planning
Like their counterparts in U.S. locations, EuroCCP personnel are informed of key details of the continuity plan and periodically visit their alternate sites to test equipment and ensure familiarity with the facilities. In addition, employees regularly test their ability to work from home.
For non-data-center activities, EuroCCP has multiple plans in place to ensure a seamless transition to any of the continuity scenarios, depending on the function. These plans are extensions of DTCC’s existing continuity program.
For example, to assure trans-Atlantic proficiency in EuroCCP Operations functions, which differ somewhat from those of U.S. Operations, several employees in the U.S. will perform EuroCCP Operations activities during that subsidiary’s hours of business. Additional Operations personnel in DTCC’s U.S. offices will be cross-trained in these activities to provide extra dual-office support in an emergency.
Other areas of EuroCCP’s business whose activities are essentially the same regardless of location will rely on personnel at DTCC’s offices in New York and Tampa to step in during an emergency. The window for activating U.S.-based personnel to assume EuroCCP functions is two hours or less. @