Covid-19's sudden escalation not only exposed the fragility of financial markets but has forced asset managers to think carefully about business continuity planning (BCP) and operational resiliency.
While investment firms' BCPs have been tested in the past by technology outages (i.e. cyber-attacks) or extreme weather events (for instance, typhoons in Hong Kong, Hurricane Sandy in New York), Covid-19 presents an altogether different challenge. Despite the extreme market conditions and unprecedented levels of disruption, fund depositaries will continue to play an important role in helping funds and their managers weather the storm. Investor protection Conscious of the rising Covid-19-induced volatility, the Financial Conduct Authority (FCA) recently sent a memo instructing depos...
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