DTCC’s business continuity plans include transatlantic capabilities that leverage the London office and charge it with assuming specific responsibilities.
“Hurricane Sandy illustrated the importance of effective collaboration between different parts of the business in different parts of the world,” said Stewart Macbeth, President and CEO, DTCC Deriv/SERV, who is based in London.
Macbeth noted that the U.S. and U.K. offices typically synchronize operations for the Deriv/SERV business. “Normally our Deriv/SERV team provides 24-hour coverage from Sunday to Friday, staggering shifts between New York and London,” he said. “This ensures full support to participants globally and allows us to monitor critical processing activities that take place overnight. Once the hurricane hit, we split the London team into two 12-hour shifts and worked closely with colleagues in the U.S. to ensure services provided did not suffer and that all critical activities were carried out seamlessly.”
Bhagwant Singh, Head of Risk at EuroCCP, said the Enterprise Risk Management function in London is set up to cover New York in the event a problem occurs – essentially acting as an extension of the business there.
Singh noted that the time zone was a helpful factor in the response of the London office to Hurricane Sandy. “Being four hours in front, we were able to get a head start on making sure systems and processes were working before colleagues in the U.S. started arriving to work at the alternate locations,” Singh said.