COLOMBO (EconomyNext) – The Colombo Stock Exchange (CSE) said it had conducted a live exercise involving all market participants from its disaster recovery site that showed it could cope with any catastrophic incidents and resume normal trading activity.
The text on Friday, July 3, was a part of the CSE’s Business Continuity Planning (BCP) with all trading and post trade operations taking place from the remote site for a complete market day.
“This is the first time such an exercise has taken place and demonstrates the commitment of the CSE to ensure the robustness of system infrastructure and the preparedness of the Exchange to face a sudden and unexpected event,” a statement said.
“This assessment exercise was intended to test the robustness of our systems and processes to withstand any disaster and recover within a reasonable period of time and thereby identify any gaps in our business continuing planning,” Assistant General Manager of Enterprise Risk Management Lalin Paranavitana said.
“Our critical systems can be operational within a few hours from our disaster recovery facility. Furthermore our mission critical staff are trained to operate from this remote location.”
Chief Information Officer Chandrakanth Jayasinghe said the market infrastructure of the CSE is capable of withstanding any catastrophic incidents and ensuring the return to normal trading activity.
The disaster recovery exercise is expected to be carried out annually, to ensure the continued maintenance of the expected standards.
The market wide exercise included all market participants such stockbrokers, information vendors, automated trading and depository system suppliers, the web site service provider, custodian banks and other market participants.
“A site disaster scenario was created from 6.30 a.m. and the BCP plan was put into action soon after and all operations were switched to the backup site,” the CSE said.
“All CSE mission critical staff operated from the disaster recovery site and functional market activities, including market surveillance, publishing of market announcements, CDS operations and end of day data processing, took place from this site.”
The entire exercise was observed and audited by a team of external on-site auditors.