Preparing for the Big One

On the morning of Oct. 15, more than 150 sell-side institutions fired up their backup sites and participated in the largest industry-wide business continuity test that the industry has seen since Y2K.

Unlike the previous connectivity tests sponsored by the Securities Industry Association (SIA) and the Bond Market Association (BMA) that tested point-to-point connectivity between sell-side firms' individual backup sites to various market centers, this test, dubbed Phase Two, examined how the va