Oslo Clearing ASA Self Assessment ESCB-CESR Recommendation
Oslo Clearing ASA Self Assessment ESCB-CESR Recommendation
Oslo Clearing ASA Self Assessment ESCB-CESR Recommendation
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plan and procedures are tested at least on a yearly basis according to internal policies<br />
and Norwegian ICT regulations.<br />
In addition Nasdaq OMX perform disaster recovery testing once a year to ensure<br />
functionality and operability procedures in case of a disaster. Nasdaq OMX has<br />
emergency plans for evacuation, relocation and data and business continuity in case<br />
of emergency.<br />
Have appropriate adjustments to operations been made based on the results of such<br />
exercises?<br />
As a result of exercises improved functionality and technical solutions have been<br />
developed and implemented. Contingency procedures have been adjusted<br />
accordingly.<br />
4. How many times during the last year has a key system failed? What is the most<br />
common cause of failures? How long did it take to resume processing? How much<br />
transaction data, if any, was lost? How does the CCP ensure the integrity of<br />
messages? Does the CCP have capacity plans for key systems and are key systems<br />
tested periodically to determine if they can handle stress volume?<br />
<strong>Oslo</strong> <strong>Clearing</strong> reports all major incidents to the FSA according to FSA instructions.<br />
Major incidents are also included in the quarterly report sent to the FSA.<br />
System capacity for the derivates clearing system is tested continuously by Nasdaq<br />
OMX. The capacity is determined by a load profile set in <strong>Oslo</strong> <strong>Clearing</strong>’s Service<br />
License Agreement (SLA) with OMX Technology and is evaluated several times a year<br />
and documented in monthly reports.<br />
For equities capacity and availability are defined and agreed in an SLA agreement.<br />
System capacity and availability are constantly measured and documented 24-7 and<br />
evaluated each month.<br />
5. Does the CCP outsource operations? If so, have the relevant authorities been<br />
informed? Does the CCP monitor that service providers meet the relevant standards?<br />
How? Are appropriate change management procedures in place giving the<br />
outsourcing authority the power to require, control and approve changes to the<br />
outsourced services?<br />
Does the CCP outsource operations? If so, have the relevant authorities been<br />
informed?<br />
The agreements for outsourcing have been approved by Finanstilsynet and comply<br />
with the conditions set by the Norwegian Ministry of Finance in connection with the<br />
authorisation to act as CCP for equity market instruments.<br />
Finanstilsynetis informed that the derivatives clearing system is delivered and<br />
operated by Nasdaq OMX since the migration to SECUR in 2006.<br />
Does the CCP monitor that service providers meet the relevant standards? How? Are<br />
appropriate change management procedures in place giving the outsourcing authority<br />
the power to require, control and approve changes to the outsourced services?<br />
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