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Business continuity in the Italian financial market - The CODISE working group

Technological progress, financial market integration, the intensification of competition, and the mergers still in progress have all strengthened linkages and fostered greater interdependency between participants in financial systems and the other operators involved in their regular operation. The new framework requires the maximum commitment to maintaining the smooth running of services, in order to ensure business continuity in the Italian financial market and prompt resumption of service in the event of failure or malfunction.

In recent years authorities and central banks have stepped up action to enhance the ability of financial systems to withstand catastrophic events. The key aims are the minimization of systemic risk, the swift resumption of service, and the integrity of the data necessary for the rapid return to normal market operations. With this in mind, it has been emphasized that operators that are important to the smooth operation of financial systems must engage in systematic contingency planning and set concrete objectives for business continuity. It has also been decided to institute fora for the coordination of business continuity initiatives.

The Banca d'Italia has undertaken a series of initiatives in cooperation with the main banking groups, market infrastructures, payment system operators and technical service providers essential to the orderly working of financial systems. The purpose is to assess the Italian financial system's state of preparedness for serious operational crises and form an ad hoc national coordination unit to develop guidelines for reducing systemic risk factors.