Business Continuity Statement
At StockCross Financial Services, we know you rely on our employees and systems for a range of financial and investment needs. We also recognize that unpredictable events beyond our control may interrupt normal business.
We want to assure you that we have established contingency and disaster recovery plans, as outlined below. Please contact us at any time to receive the most recent version of our Business Continuity Statement.
In the event of a Significant Business Disruption (SBD), StockCross Financial Services expects to remain operational and accessible, and have designed plans to facilitate this goal.
Our firm’s policy is to respond to any major disruption by safeguarding employees’ lives, assessing financial and operational status, quickly recovering and resuming operations, protecting the firm’s books and records, and allowing our customers to transact business with minimal delay or inconvenience. In the unlikely event that we are unable to continue our business, we will assure customers prompt access to their funds and securities.
Certain divisions of StockCross Financial Services, Inc., clear through National Financial Services (NFS), and have immediate access to the trading capabilities of StockCross, should such access be required. Customer orders can be directed to the self-clearing trading desk of StockCross in Omaha, Boston or Beverly Hills, CA.
In the event of a localized disaster, StockCross Financial Services has the ability to take advantage of bi-coastal functionality. Offices in Boston and Los Angeles have been designed and staffed to provide complete mirroring of all systems.
StockCross Financial Services is located at 9464 Wilshire Boulevard, Beverly Hills, CA, 90212. The phone number is 310-385-0948. The main phone number is 800-225-6196. We maintain a branch office at 77 Summer Street, Boston, MA, 02110, as well as other locations.
Planning and Business Recovery:
Customer Contact – Communication with our customers will be a top priority in the event of a disruption to our normal functioning. We will immediately identify what means are available to communicate with you, which may include rerouting of phone calls, announcements on our web site, email, postal service, and courier.
Backup Power – Sites that support trading and operations are located in buildings with Uninterrupted Power Supply (UPS).
Separate Sites – StockCross Financial Services is located in two primary locations in separate cities. StockCross also has access to additional offices for trading and support functions. In the event of any emergency that prevents access to the primary site, our alternate site would be prepared for use and personnel could be sent there as necessary.
Order Execution – Our separate locations allow full functionality at either site, both for order entry and execution. Should order entry systems in both offices be disrupted, we have tested alternate order handling procedures in place.
Also, due to the unusual situation where some of our accounts are self-clearing and some are introduced to another clearing firm, StockCross has the advantage of a duplicate order entry and execution system through two unrelated sources. In the event of a complete disruption to either StockCross’ order entry system or NFS, orders could be entered for execution through the unaffected system.
Access to Your Funds and Securities– In the event of a disruption affecting our main office, we will process customer receipts and disbursements from our Boston office. We maintain numerous bank accounts in various regions of the country. In the event of disruptions, our registered persons will process your requests at the available site. Both the Boston and Beverly Hills offices have equipment needed to withdraw and transfer securities.
Regulatory Reporting – Our business contingency plans are designed to ensure that, regardless of the length of an outage at a primary location, StockCross’ ability to meet regulatory requirements, as mandated by the Securities and Exchange Commission and FINRA, would not be impacted.
Communications With Regulators – StockCross Financial Services will communicate with its regulatory authorities regarding the nature and extent of any significant outage at a primary location, as required by applicable law and regulation.
Securities Processing, Clearing, and Record keeping – Broadridge and Sungard BRASS supports order entry, execution, reporting, and other processing and record keeping functions to StockCross Financial Services, and National Financial Services provides clearing, processing, and record keeping functions for certain other divisions. Both have issued Disaster Recovery Plan details that include their contingency plans, anticipated restoration and recovery time frames, contacts, and other pertinent information. We have utilized this information in designing our own SBD plan, and expect to receive amended and updated information from them as appropriate.