Superstorm Sandy: A BCP Case Study
During one of the largest storms in mid-Atlantic history, SIFMA, operating primarily from its seat at NYC’s Office of Emergency Management, was in constant contact with members, regulators and exchanges, helping to build a clear consensus on recommendations for market closing and openings.
Overall more than 6,370 participated in SIFMA calls and more than 50,000 visited our website to stay informed during the most uncertain and unsafe points of disaster.
Our committees of industry experts, ready upon activation, successfully served as a resource to guide city officials, exchanges and regulators toward establishing policy that would mitigate the impact of the storm on the financial markets. When information was not readily available, SIFMA was an efficient liaison between industry participants and New York and New Jersey officials as well as industry regulators for answers to important questions. In addition, SIFMA played a starring role in helping local firms be ready for the resumption of trading. The result was members and investors who knew what to expect and when, minimal disruption of the markets, and zero controversies upon resumption of trading. When disasters do occur, the importance of the financial services industry to our economy is even greater.