We are very proud that LME Clear has achieved the highest accreditation in standards of business continuity. LME Clear’s Business Continuity Team has worked hard to put robust processes in place to deal with any disruptions to the smooth day-to-day running of our business, whether that is related to the orderly function of our trading platforms, or for our colleagues around the business should anything untoward happen.
LME Clear’s Business Continuity Management System (BCMS) is based on a foundation recommended by the Business Continuity Institute’s Good Practice Guide. The system focuses on the essential services provided by LME Clear that require a strategy for continuance following a major disruption – for example, moving clearing operations to our secondary location if there’s a reason why the Finsbury Square offices are inaccessible; whilst also making sure that colleagues can continue their work from home if required.
ISO 22301 is the International Standard for Business Continuity Management (BCM). LME Clear have obtained accredited certification against this standard and so can demonstrate to customers, regulators, legislators, prospective customers and other interested parties that LME Clear is adhering to good practice in business continuity.
To achieve this standard the team worked closely with the British Standards Institute, going through a process involving a series of audits and close interrogation of our BCMS. We were awarded our ISO22301 certificate in April 2015 – however, the hard work for our team doesn’t end there: the standards must be monitored and maintained on an ongoing basis to ensure that our business continuity processes continue to meet the necessary requirements and are fit-for-purpose so that our business can run efficiently and confidently should anything out of the ordinary occur.
Detailed business continuity plans are critical to the success of an EMIR compliant central counterparty. LME Clear's business plan describes our capability to plan for and respond to operational disruption, including events that could cause a wide-scale or major disruptions, and details our ability to continue appropriate service operations.
The core objectives are:
Recover critical clearing activity (LME Clear platform and market monitoring) within two hours (ranking the functionality by criticality)
Recover all other LME Clear functions within 48 hours
Manage all incidents that are considered serious enough to warrant an invocation of the Business Continuity Disaster Recovery plan.
The priority for recovery is:
1. Real time clearing, operations and risk monitoring of market activity
2. Treasury operations
3. Remaining functions
Business continuity and disaster recovery guide