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The "Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System" identifies sound practices focusing on minimizing the immediate systemic effects of a wide-scale disruption to critical financial markets. The sound practices focus on the appropriate back-up capacities necessary for recovery and resumption of clearance and settlement activities for material open transactions in wholesale financial markets.See SR Letter 03-9, dated May 28, 2003, Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System, for further information. The agencies included the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
The agencies, in promoting resiliency, have identified four broad sound practices for core clearing and settlement organizations and firms that play significant roles in critical financial markets. The practices involve:
The sound practices discussed in this paper supplement the agencies' respective policies and other guidance on business continuity planning.