ISITC: The financial services industry is working hard to ensure the markets continue to function normally despite the volatility and economic impact of the ongoing coronavirus (COVID-19) pandemic. 你预计监管机构会如何回应?
DTCC: 虽然我们无法预测未来, 在COVID-19之前, momentum was building with respect to regulatory discussions around operational resilience, 和自然, it’s an area of focus that is of increasing importance as the pandemic continues to create unprecedented challenges for companies across all sectors, 包括vnsr威尼斯城官网登入.
去年年底, 英格兰银行(BoE), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published Consultation Papers (CPs) which included proposed requirements aiming to strengthen operational resilience across the industry. Guidance from the Basel Committee’s 操作弹性 Working Group and the Federal Reserve Board of Governors is expected to follow.
与此同时, COVID-19 has shifted immediate regulatory priorities to providing relief through the postponement of several implementation deadlines, such as the Securities Financing Transactions Regulation (SFTR) and the Fundamental Review of the Trading Book (FRTB), 以及之前提到的英国CPs. 也就是说, 监管机构 have remained consistent that it is the responsibility of firms and Financial Market Infrastructures (FMI) to take ownership of their operational resilience, and have called upon firms to consider the impacts when making plans and investment decisions around resilience. 随着COVID-19形势的不断发展, 一个广泛的, collaborative approach to operational resilience will be essential to ensure the continued safety and security of the financial markets.
ISITC: How can firms take a collaborative approach to ensuring operational resilience now and in the future?
DTCC: While industry conversations around resilience will certainly continue and evolve, firms and FMIs may find that the most effective way to foster resilience is by first looking inward. Firms and FMIs can protect the industry by taking a comprehensive approach to assessing their own critical services, with consideration given to how disruptions can affect the industry as a whole. 一旦这些评估完成, 企业之间必须相互沟通和合作, 还有监管机构, both to determine the optimal way to further safeguard the resilience of critical services, and to ensure an industry already impacted by the effects of COVID-19 can cope with any further reforms.
ISITC: As an industry, financial services has weathered a number of disruptive events. How have lessons learned in the past informed the response to COVID-19?
DTCC: 就规模和全球影响而言, COVID-19是前所未有的, but experiences navigating past crises have enabled the financial services industry to reflect and improve, 使该行业能够继续运营. Lessons from past crises such as the 9/11 terrorist attacks, 超级风暴桑迪, and the Lehman collapse have led to improvements in infrastructure, automation and the overall industry operational footprint. The most obvious capability is our ability to work remotely – organizations with full, robust virtual desktop infrastructures (VDI) have excelled in this new environment, by seamlessly maintaining full business operations while out of physical offices in order to control the spread of COVID-19. 另外, 自动化功能得到了改进, with firms focused on eliminating or removing manual processes that were impacted by physical events in the past. There’s no doubt that firms will continue to replace manual processes with automation, 在可能的情况下.
Past crises have also led the industry to appraise its operational footprint. Those evaluations have led to additional resiliency measures, 如工作人员地域分散, enhanced transfer of work abilities between sites and improved operational and cybersecurity approaches. They have also led to increased risk management capabilities and oversight of third-party 服务提供商, 在今天的环境中，哪个才是关键.
ISITC: How will the industry conversation around operational resilience evolve during 2020?
DTCC: 整个行业都在应对这场大流行, the lessons we’ll learn will inform future conversations around resilience, likely focusing on interconnectivity of firms and whether the design of current resilience measures are scalable. 毕竟, 真正有弹性的方法必须确保持续, 在所有地点的所有流程的顺利运行.
It also seems likely that ongoing discussions about resilience will increasingly focus on the importance of sector coordination. 应对COVID-19, 监管机构, 市场参与者, 服务提供商, associations and policy makers have and continue to ensure ongoing dialogue on how to continue the smooth operation of the financial marketplace given the circumstances.
ISITC: DTCC为什么会志愿支持ISITC?
DTCC: As the industry continues to balance technological innovation with mitigating the impact of geopolitical events, we expect the digital transformation of financial services to continue with a renewed emphasis on operational resiliency. ISITC对可持续金融市场的关注, 云计算标准, 区块链/分布式账本技术, reference data standards and operational excellence are aligned with DTCC's commitment to drive positive change across global markets through collaboration with the industry, in order to ultimately create the marketplace of the future.
本文最初发表于 ISITC.org.