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Ken Buckley February 17, 2005

Federal Reserve Board NS/EP Initiatives . Ken Buckley February 17, 2005. Why is Telecommunications Important to Financial Services.

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Ken Buckley February 17, 2005

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  1. Federal Reserve BoardNS/EP Initiatives Ken Buckley February 17, 2005

  2. Why is Telecommunications Important to Financial Services • Resilience of U.S. financial system in the event of a wide scale disruption rests on the rapid resumption and recovery of the clearing and settlement systems • Reliability of telecommunications infrastructure is indispensable • Developed and regularly test disaster recovery plans • Established multiple data centers • Installed backup power, water, etc.

  3. TSP and Federal Reserve NS/EP Services • TSP helps reduce systemic risk in payment systems to ensure liquidity • Qualifying National Security/Emergency Preparedness (NS/EP) functions include Fedwire, Treasury Open Market functions, and Central Bank functions • Published TSP sponsorship policy in 1992 and revised it in 2002 to include other large-dollar payments systems where prolonged outages would cause systemic risk

  4. Lower Manhattan Landscape • Federal Reserve Bank of New York (FRBNY) occupies three buildings in Lower Manhattan • Within Lower Manhattan are: • bank holding companies • worldwide banking organizations • securities firms • property/casualty insurers • Home to more than 180,000 financial sector employees

  5. 5-ESS Switch at Verizon West Street Facility

  6. Looking out the southeast corner of West Street. DACS and Access equipment on the right

  7. 5ESS on the 7th floor in the southeast corner

  8. Lessons Learned from 9/11 • Requests for expedited TSP service must be initiated quickly • Close communications between requestors and service providers to coordinate installation of new service is necessary • GETS was invaluable in establishing immediate communications with affected areas • TSP priority provisioning enabled nearly uninterrupted operations of payment systems • On-going testing is a critical component for ensuring continued preparedness of financial services

  9. Lessons Learned from 9/11(continued) • Expanded sponsorship to include end-to-end transactions • Worked with other regulators to coordinate consistent NS/EP policies • A by-product of our TSP program is our continued ability to better understand the U.S. Financial sector and the pressure points that need to be considered for NS/EP

  10. FRB Support of NS/EP Planning Activities • NSTAC Financial Services Task Force focusing on diversity, redundancy and recoverability • NRIC group convened by FCC to develop sound practices for telecommunications service providers • ATIS pilot effort to assure physical diversity for critical financial services telecommunications circuits • Priority Services Work Group (PSWG) to enhance overall effectiveness of the TSP program • NS/EP services reaching critical juncture with evolution of next generation network (circuit switched versus IP packet network)

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