- MIP NEWS
Best practices applied during the coronavirus (COVID-19) pandemic
31 March 2021
Since the outbreak of the COVID-19 pandemic, financial market infrastructure operators and overseers have gained extensive experience in crisis management.
Based on this experience, a set of best practices for pandemic crisis planning has been compiled in a non-prescriptive reference guide by the Eurosystem.
The guide sets out the different approaches used, ranging from more standardised step-by-step pandemic-specific business continuity plans to more flexible arrangements entailing ad hoc decision-making.
The guide aims to:
- provide support for the overseers in monitoring overseen entities, to ensure that the respective system operators are managing the crisis effectively, and
- identify what market practices financial market infrastructures can apply in their business continuity plans.
Of course, during pandemic times there is no one-size-fits-all approach, and the strategy pursued by each entity will depend on their individual needs and operating environment.